long term capital gain
This query is : Resolved
15 April 2009
Hi please explain long term capital gain exempt u/s 10( 38) and long term capital gain taxable u/s 112
Thanks
Thanks
15 April 2009
as per sec 10(38) - any long term capital gain arrived on sale of quoted securities on which STT has been paid , then such LTCG is fully exempt from tax.......main points are - LTCG on securities, next...Securities sale must suffer payment of STT.
as per section 112 - this section is taxability of LTCG for assets like securities which are not quoted or for securities for shich on sale STT has not been paid (off market sale) and all other long term capital assets - if you take the benefit of indexation on the cost of acquisition/improvement of the asset - then you are taxable at flat rate of 20 %, if you dont take the benefit of indexation on cost of acquisition/improvement of the asset - then your gain is taxable at flat rate of 10 %...which ever is beneficial to the assessee can be chosen...
as per section 112 - this section is taxability of LTCG for assets like securities which are not quoted or for securities for shich on sale STT has not been paid (off market sale) and all other long term capital assets - if you take the benefit of indexation on the cost of acquisition/improvement of the asset - then you are taxable at flat rate of 20 %, if you dont take the benefit of indexation on cost of acquisition/improvement of the asset - then your gain is taxable at flat rate of 10 %...which ever is beneficial to the assessee can be chosen...
15 April 2009
I am agree with Mr. Parthasarathy
17 April 2009
Agree with expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Fixe term employment
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
