Mr. Arjun, a resident individual aged 58 years, sells (unlisted) shares in a private company on May 17, 2025 for 10,00,000. The shares were bought…

(i) Computation of Capital Gains on sale of unlisted shares for A.Y. 2026-27 Particulars ₹ Net Sales Consideration [₹ 10,00,000 - 2,000] 9,98,000 Less: Cost of acquisition 2,00,000 7,98,000 Less: Exemption u/s 54F Deposit in Capital Gains Accounts Scheme on or before the due date of filing return of income would be deemed to be cost of new asset. Accordingly, exemption u/s 54F would be - 3,99,800 [₹ 5,00,000 x 7,98,000 /9,98,000] 3,99,800 Capital Gains chargeable to tax 3,98,200 (ii) Tax treatment of unutilized amount in Capital Gains Accounts Scheme The unutilized amount will be chargeable to tax as capital gains on proportionate basis in the previous year in which the 3 years period from the date of transfer expires. In this case, the 3 years period from 17.5.2025 expires on 16.5.2028. Consequently, the proportional capital gains on the unutilized amount will be taxable in the F.Y. 2028-29. The amount of capital gains for F.Y. 2028-29 would be - 39,980 [₹ 3,99,800 - 3,59,820 (₹ 4,50,000 x 7,98,000 /9,98,000).