Form 28: Accountant report under section 77(4) for capital gains in a slump sale
Source checked 21 October 2026 · Original author: Finin2min Editorial Desk
Purpose, person and period
Accountant report under section 77(4) for capital gains in a slump sale.
The transferor obtains the prescribed accountant report for a slump sale under section 77(4); the form’s note links furnishing to the return under section 263.
Period gate: This numbered form belongs to the Income-tax Rules, 2026, effective 1 April 2026. The predecessor 3CEA is a concordance, not permission to change an earlier-year filing into a new-law form. For earlier periods, use the applicable 1961 Act form and saved procedure.
Controlling rule and source pages
Rule 54; Section 77(4), Section 515(3), Section 63. Physical PDF pp 374-376; printed Gazette pp 1906-1908.
Rule 54 — connected rule text
54. Form of report of an accountant in respect of slump sale. – In case of a slump sale under section 77(4), every assessee is required to submit a repo rt from an accountant as defined in section 515(3)(b), in Form No. 28 before the specified date referred to in section 63.
Completed field illustration
Fictional data, not for filing. A fictional manufacturing division is sold for money; the form’s FMV and net-worth computations are demonstrated separately.
| Form field / block | Completed fictional entry |
|---|---|
| Transferor / transferee | Example Manufacturing Ltd / Example Acquirer Ltd; synthetic PANs ZZZCE0000Z and ZZZCE0001Z |
| Addresses / contacts | 10 and 12 Model Road, Pune 411001 / tax@example.invalid |
| Tax year / nature of business / transfer date | 2026-27 / pump manufacturing division / 1 October 2026 |
| Row 4A(iv)(a): eligible book assets | Rs 50,00,000; income-tax-paid and non-asset deferred items nil |
| Jewellery / artistic work / shares / property stamp value | Nil in this example |
| Adjusted book liabilities for FMV1 | Rs 10,00,000; excluded liability categories nil |
| FMV1 | Rs 40,00,000 |
| Row 4A(v): money consideration / other consideration | Rs 45,00,000 / nil |
| FMV2 / higher of FMV1 and FMV2 | Rs 45,00,000 / Rs 45,00,000 |
| Row 4A(vii): tax WDV / other-asset book value | Rs 25,00,000 / Rs 5,00,000 |
| Aggregate assets / relevant liabilities / net worth | Rs 30,00,000 / Rs 10,00,000 / Rs 20,00,000 |
| Illustrative gain before separate adjustments | Rs 25,00,000; no indexation or tax-rate conclusion in this model |
| Accounts / accountant verification | Model P&L and balance sheet attached by reference; NOT SIGNED, no UDIN issued |
This illustrates the named fields, not every possible schedule. Use the complete official extract for additional applicable fields, annexures and verification. “Not signed” means no professional certification or authority action has occurred.
Reconcile the example
- 50,00,000 − 10,00,000 = 40,00,000 FMV1.
- Higher of 40,00,000 and 45,00,000 = 45,00,000.
- 25,00,000 + 5,00,000 − 10,00,000 = 20,00,000 net worth.
- 45,00,000 − 20,00,000 = 25,00,000 illustrative gain.
Do not substitute book net assets for tax net worth or automatically use cash consideration without the higher-FMV test. Revaluation is ignored in the statutory net-worth working.
Prepare, furnish and retain
- Use the form identity and period above, then determine the person who prepares, issues or verifies it from Rule 54. An authority-issued order is not an applicant filing.
- Collect the records that support the actual fields in the example; keep any mandatory schedules and annexures specified in the complete source form.
- Reconcile dates, amounts, units and identifiers to the underlying records. Preserve the applicable rule version and any later correcting notification.
- Where the rule prescribes electronic furnishing, use the current official utility/schema and authorised verification. A local PDF does not produce a portal acknowledgement.
- Retain the submitted version, supporting schedules and actual acknowledgement or issued certificate/order, as applicable. This fictional model supplies none of those evidential outcomes.
Download the correct documents
Official Form 28 source extract Filled sample — fictional field illustration
The official extract preserves source pages; later amendments are supplied with affected forms. Read the April corrigendum where its printed-page corrections apply. The filled field illustration is an educational model and cannot be filed.
Primary sources
Questions readers ask
Does this sample prove approval, filing or a professional conclusion?
No. It completes the named fields using synthetic facts. It has no real signature, DSC, approval or acknowledgement.
Can I use the legacy form number for a current tax-year obligation?
Establish the governing period first. A predecessor number is a cross-reference; earlier-year procedures and current-year forms must be kept distinct.