Story of the unclaimed shares of an Air India Captain

A well known doctor from Ahmednagar, Maharashtra had in the early 60’s invested in shares of various companies which were approximately worth rupees 3000-5000 in those days. He had a son who was by profession an Air India Captain. Over the years, after the death of the doctor in 1970, the whole family shifted out of Ahmednagar. Neither was the son nor any of his family members aware about the shares bought by the doctor.

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Story of unclaimed shares with Income tax complications

In the year 1972 a well known Chartered Accountant from Mumbai had invested in various company shares which were nearly worth rupees 10,000 back then. However, due to an income tax attachment in 1972, the shares had been withheld by the Income tax department. Later In the year 1987 after the demise of the CA, the shares were left unclaimed by his family for years.

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