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
parthasarathy
(Expert)
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...
Deepak Goel
(Expert)
15 April 2009
I am agree with Mr. Parthasarathy
Manmohan ACA, CS
(Expert)
17 April 2009
Agree with expert
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