https://www.taxtmi.com/caselaws?id=62605 The Tribunal held that a share in the Delhi Stock Exchange (DSE) is a capital asset under the Wealth-tax Act, with a dormant right essential for membership. The value is determined by its purpose, and a composite value of the share and ticket is considered for realistic valuation. The membership card granting trading rights is an asset with economic value, to be valued based on potential income generation. While transfer restrictions exist, shares and membership can be transferred with approval. The transfer of shares with membership rights is a valid gift, valued per Schedule III of the Act. The Tribunal remanded the matter for fresh valuation, emphasizing correct procedures. en-us Mon, 08 Nov 1999 00:00:00 +0530 Mon, 13 Feb 2017 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62605 The Tribunal held that a share in the Delhi Stock Exchange (DSE) is a capital asset under the Wealth-tax Act, with a dormant right essential for membership. The value is determined by its purpose, and a composite value of the share and ticket is considered for realistic valuation. The membership card granting trading rights is an asset with economic value, to be valued based on potential income generation. While transfer restrictions exist, shares and membership can be transferred with approval. The transfer of shares with membership rights is a valid gift, valued per Schedule III of the Act. The Tribunal remanded the matter for fresh valuation, emphasizing correct procedures. Case-Laws Income Tax Mon, 08 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62605