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Capital gain

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Querist : Anonymous

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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.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 January 2013 10(38) is applicable to transfer of equity shares and not to preference shares.
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