Income tax on sale of shares

as per your question you sold Shares which is held more than 12 months.

therefore, its LTCG exempt u/s 10(38) of the Act.

1).when shares are held more than 12months & sold through recognised stock exchange          and  security transaction tax (STT) levied on such transaction then u/s 10 (38) it is                    exempt  from tax.

2).10(38) exemption  means that 1st you have to diclose entire transcation in your return            and  also LTCG made out of transction then exemption can be claimed in aforesaid                section.

3). Broker E- contract notes issued to you of:

     a). Purchase of Share

      b). Sale of Share

       should be kept  because ITO If requied , may demand from you.

4).  ITR-2 should be filed .

In your case you have earned the LTCG. this LTCG is exempt under section 10(38). so no need to pay the tax but you have to mention this in ITR 2.

SIr I also have the same querry.

BUt one more thing i would like to add is that suppose if i purchase some share in 2011 and sold them in fy2013-2014 with loss .Then what is the tax implication and do i have to show that thing while filling return.If yes under what head.