SHARES WITH INCOME TAX COMPLICATIONS
In 1972, a chartered accountant in Mumbai bought shares worth Rs 10,000 (USD$1351) in various companies. Unfortunately, an income tax attachment that year caused them to be withheld. The man died in 1987, and the family lost track of his investments.
Asset Tracers Global took up the case in 2014, beginning their search from his last known office address in Mumbai. Over the years, the space had changed hands three times but the team was finally able to trace the location of the beneficiary to Chennai.
They flew to the south Indian city to inform the family that the unclaimed shares were now worth Rs 2.5 crores (approx USD$396,000) and to begin the arduous process of giving them their due. The income tax attachment complicated the matter. To be able to claim the shares, the beneficiary had to clear dues and pay a penalty of 15 years. In addition, the team had to trace old IT documents and find the link to the correct PAN number which had been reshuffled four times over the years.
The expertise of the team was vital in helping the client clear penalties, locate missing documents and trace a PAN number. It took nearly two years, but at the end of it, our thoroughly professional team was able to help the beneficiary with his dues.