How Punji calculates bonus shares, dividend tax, WACC and breakeven.

The fees on every buy and sale

A buy or sale on NEPSE pays three charges on top of the share price, and Punji adds all three to what a purchase cost and takes all three off what a sale pays out:

• Broker commission, by the size of the trade. A trade up to Rs 2,500 pays a flat Rs 10, and no trade pays less than Rs 10.
• SEBON fee: 0.015% of the trade amount.
• DP charge: Rs 25 on each buy and each sale.

Shares you get from the company rather than the market, from an IPO, an FPO or a rights issue, pay none of the three: their cost is the issue price times the kitta allotted. Every amount is rounded to the paisa, half away from zero, the way contract notes are.

WACC: what your shares cost, per kitta

WACC is everything you paid for your shares of one company, fees included, divided by the kitta you hold. It is the cost the broker uses for capital gains tax. Buying 10 kitta at Rs 100:

When your holdings come from a MeroShare sync, Punji uses the WACC CDSC already worked out for them, which counts any bonus shares already credited. For purchases you add yourself, Punji works it out as above. How to see and correct it in MeroShare: how WACC is calculated and updated.

Bonus shares: how many, and what they cost

A bonus is declared as a percentage of what you hold at the book close: a 10% bonus on 10 kitta is 1 new share. Punji counts the kitta you held from purchases made before the book-close date; a purchase on the book-close date or later does not count. NEPSE trades Monday to Friday, so for a Monday book close the Friday before is the last day to buy.

Fractions. CDSC credits whole bonus shares only. Across the 83 holdings with a bonus that Punji users synced from MeroShare, none held a fraction of a share. So 15 kitta with a 10% bonus works out at 1.5, and 1 share reaches your demat. What happens to the leftover 0.5 is set by each company in its own notice: there is no single NEPSE or CDSC rule for it, so the app does not claim one.

Cost. A bonus share is counted at its face value, Rs 100 for an ordinary NEPSE share, for your WACC and for capital gains tax. That is how CDSC counts it in the WACC MeroShare shows. A security whose face value is not Rs 100, such as a mutual fund unit at Rs 10, has its bonus counted at that face value instead.

The bonus share adds Rs 100.00 to the cost. Because that is the same as the Rs 100 paid per share, the average purchase price stays Rs 100.00; the WACC falls from Rs 103.52 to Rs 103.20 only because the Rs 35.15 of fees is now shared by 11 kitta. Had you paid more than Rs 100 a share, the bonus would lower your WACC; had you paid less, it would raise it.

Holding period. For capital gains tax, Punji counts a bonus share as held from the book-close date of that bonus, not from when you bought the shares that earned it. If a sale falls close to the 365-day line, check the holding period MeroShare shows for those shares before you sell.

Tax on bonus shares and cash dividends

A dividend is taxed at 5%, withheld at source, and the tax is final: there is nothing more to file. A bonus share counts as a dividend too, taxed at 5% of its face value: Rs 5.00 on each Rs 100 share. SEBON's issue directive makes the company take the tax on a bonus out of the cash dividend of the same declaration, so the withholding is 5% of the cash percentage plus the bonus percentage, at face value, taken from the cash.

• Cash only. 15% of the Rs 100 face value on 100 kitta is Rs 1,500.00; Rs 75.00 is withheld and Rs 1,425.00 reaches your bank. The percentage is of the face value, never of the market price.
• Bonus and cash. The tax on both comes out of the cash: 5% of (10% + 5%) of Rs 10,000 is Rs 75.00, leaving Rs 425.00 of the Rs 500.00 declared.
• Cash that only covers the tax. Companies often declare a small cash percentage that pays the bonus tax exactly, such as 9.5% bonus and 0.5% cash. On 200 kitta that is 19 bonus shares and Rs 100.00 of cash, all of which is the tax: Rs 0.00 reaches your bank. Punji does not count that cash as money you received.
• Bonus with no cash, or not enough. 100 kitta with a 10% bonus and no cash is 10 bonus shares and Rs 50.00 of tax with nothing to take it from. The shareholder pays it as the company's notice directs, and the bonus shares are credited only after it is paid.

Dividends you record in Punji are counted after this tax, in your total return. More on the dates and how dividends are paid: dividends in Nepal explained, and every declaration Punji tracks is in the dividend history.

Rights shares: entitlement, price and cost

A rights issue lets you buy new shares at the issue price, in proportion to what you held at its book close. The entitlement is rounded down to whole shares: after the bonus above, 11 kitta with a 30% rights issue is 3.3, so 3 kitta.

A rights share costs its issue price with no broker commission, SEBON fee or DP charge. The issue price is usually the Rs 100 face value; when the notice sets another price, that price is the cost. Punji adds rights shares only when you record the kitta actually allotted, and counts them as held from the allotment date. After the book close NEPSE adjusts the price to (price + ratio × issue price) ÷ (1 + ratio). More: how to apply for rights shares.

Breakeven: the price that gets your money back

Your breakeven is not your WACC. Selling also pays commission, the SEBON fee and the DP charge, so to get back what you paid you need a higher price. Punji's breakeven is the lowest sale price, to the paisa, at which selling every share you hold returns your total cost after the sale's own fees. At that price there is no gain, so no capital gains tax.

For the 11 kitta above, costing Rs 1,135.15: at Rs 106.40 the sale pays back at least Rs 1,135.15 after fees, and one paisa less does not. Because the DP charge is a flat Rs 25 and the commission never drops below Rs 10, a small holding's breakeven sits well above its WACC (Rs 106.40 against Rs 103.20 here); on a large holding the two are closer.

Capital gains tax on a sale

Capital gains tax for an individual investor depends on the sale date and on how long each share was held. A share held more than 365 days is long term; exactly 365 days is still short term. Days are counted in Nepal time, from the purchase, book-close or allotment date to the sale date.

How Punji works out the tax on a sale: the oldest shares are sold first; one commission, SEBON fee and DP charge is taken from the whole sale and the rest shared across the shares sold; and each purchase, bonus or rights allotment is taxed on its own gain at its own holding period. Selling all 11 kitta from the bonus example at Rs 130 on 22 September 2026, with the purchase made on 1 September 2025 and the bonus book close on 2 March 2026:

The sale is Rs 1,430.00. Commission Rs 10.00, SEBON fee Rs 0.21 and DP charge Rs 25.00 leave Rs 1,394.79. Capital gains tax of Rs 10.07 is withheld by the broker, and Rs 1,384.72 reaches you. The bonus share is taxed on its gain over Rs 100, at the short-term rate, because its book close was less than a year before the sale.

The tax is final, and only gains are taxed: a sale at a loss pays no capital gains tax, but the loss does not reduce the tax on any other sale, in the same stock or another. How the rates changed in 2026: the new CGT rates, and a full walk through of the tax on one sale: how to calculate CGT on NEPSE shares.

Check any of these yourself

The share calculator runs the same fees, capital gains tax and breakeven on any trade you type. In the Punji app, the Bonus and Rights pages show your kitta, WACC and breakeven before and after, the dividend calculator takes off the 5%, and after a book close Punji can suggest the bonus, cash dividend or rights due on a holding you added yourself. The portfolio tracker shows what the app does with your holdings, and the changelog records each change to these rules. For how the two corporate actions differ, read bonus shares vs rights shares.

This page explains how Punji calculates. Tax rules change, and a company's notice decides the details of its own issue. Nothing here is investment advice.

Sources

• Income Tax Act 2058, as amended (dividend withholding, s.88 and s.92; bonus as a dividend, s.53) Inland Revenue Department
• Securities Issue and Allotment Directive 2074, 10th amendment: tax on a bonus settled from the cash dividend, directive 40(7) SEBON, Apr 2026
• Shareholders must pay tax to receive bonus shares of Sanima Reliance Life Insurance Sharesansar, 13 Jan 2025
• Capital gains tax rates reduced: decision published in the Gazette ShareHub (from Sharesansar), Sep 2026
• Govt revokes increased CGT on share transactions after NEPSE slump Republica, Sep 2026
• CDS and Clearing Limited CDSC
• Nepal Stock Exchange opens Monday to Friday under new government timings Sharesansar, 8 Apr 2026