Sold ESOP shares after moving abroad? ITAT Mumbai says exercise-date FMV can be treated as cost of acquisition
A UK-based employee sold 1,540 ESOP shares for nearly ₹26 lakh but reported a ₹1 lakh short-term capital loss using the shares' FMV as cost.
The Mumbai ITAT ruled that the FMV on the ESOP exercise date can be treated as the cost of acquisition, even when the ESOP benefit was not taxed in India.
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