Story of unclaimed shares with Income tax complications

A well-known chartered accountant from Chennai invested in shares of several companies in 1972, which were worth Rs 10,000 at the time. However, due to an income tax attachment in 1972, the shares were withheld by the Income Tax Department. The shares were left unclaimed by his family members for many years.

In early 2020, Share Claimers took up the task of tracing the beneficiary of those unclaimed shares. Our team began their research in Mumbai, starting with the last known office address of the shareholder. During their research, they found that the office had been sold to many different people over time.

After inquiring about the seller of the property to all three sellers, our team eventually got a clue about the whereabouts of the beneficiary and his family members. The beneficiary was tracked down in Mumbai city. Our team immediately contacted the beneficiary in Mumbai and informed him about the unclaimed shares worth Rs 1 crore in 2020. Our team flew all the way to Mumbai to meet the beneficiary and start the process of recovering the unclaimed shares.

Our team at Share Claimers found that the process of claiming those shares was complicated, especially because the shares were linked to income tax. To claim the shares back, the beneficiary would need to clear the penalty dues of 15 years. Only after this would he receive the release order. Additionally, there were issues tracing his old IT documents and PAN details, which had been shuffled around four times over time.
Despite the challenging legal process of claiming shares, our experts were able to assist the beneficiary in recovering their shares. Our skilled team helped the beneficiary at every step, from clearing the penalties for missing documents to resolving any other critical issues.

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