Capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2013
Mr. A original allottee of Preference Shares of a listed company for an lock in period of one year. Mr. A sells to Mr. B (off market sale of preference shares). Later on, after a period of one year, Mr. B sells the shares through stock exchange.
Can Mr. B claim exemption u/s 10(38) in respect of long term capital on sale of preference shares under Income Tax Act 1961.
Can Mr. B claim exemption u/s 10(38) in respect of long term capital on sale of preference shares under Income Tax Act 1961.
26 January 2013
10(38) is applicable to transfer of equity shares and not to preference shares.
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