09 August 2010
whether long term capital gain on sale of equity shares from recognised stock exchange is exempt in the hand of NRI or not???plz explain me???
09 August 2010
Sec 10(38) is applicable if the following conditions are satisfied- 1. taxpayer is an individual,Huf, Firm or company or any other taxpayer 2. The asset which is transferred is a long term capital asset 3. such asset is equity share in a company or units of equity oriented mutual fund. 4. such transaction takes place on or after 1 oct 2004. 5. At the time of transfer the transaction is chargeable to securities transaction tax.
if the above condition are satisfied, long term capital gain is exempt from tax.
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