Indicative. At exercise, (FMV − exercise price) × shares is a perquisite taxed at slab (with TDS by the employer; eligible start-ups may defer). At sale, (sale − FMV) × shares is a capital gain — for listed shares, 20% STCG (111A) or 12.5% LTCG (112A) above ₹1.25L. Confirm listing status, holding period and start-up deferral.