New Delhi, April 9, 2018
Taxpayers need to provide fair market value of unlisted shares, and gains thereon, upfront
Promoters and investors in unicorns or new-age start-ups can no longer expect to make a tidy pile from any exits without forking out due sums to the taxman.
To ensure that promoters and investors accurately report the capital gains from the sale of unlisted shares, the Income-Tax Department has introduced new disclosure norms in the latest edition of I-T return forms.
The new forms — applicable for FY18 — require taxpayers (individuals) to provide the fair market value, or FMV (in the prescribed manner), of unlisted shares and also disclose the full value of consideration received/receivable in respect of unquoted shares sold by them during the year.
[The Hindu Business Line]