Buy back of shares -- profit taken as exempt income
This query is : Resolved
jagdish ahuja
(Querist)
12 April 2024
as per income tax act -- buy back of shares - profit is taken
as exempt income
pls guide when there is loss in buyback of shares
how should we treat it -- as long term/short term loss
or otherwise
pls guide
THANKS
as exempt income
pls guide when there is loss in buyback of shares
how should we treat it -- as long term/short term loss
or otherwise
pls guide
THANKS
CA R SEETHARAMAN
(Expert)
15 April 2024
Profit is exempt income in view of tax on it's paid by the company.
In case of loss it can be adjusted against short term/ long term capital gains as the case may be or carried over.
In case of loss it can be adjusted against short term/ long term capital gains as the case may be or carried over.
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