long term capital gain on shares

This query is : Resolved

hitesh (Querist)
Follow

31 July 2010 hii
i want to know for claiming long term gain on shares is it neccessary to pay stt on both side i.e on purchase and sale or only on sale transaction.

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

31 July 2010 I THINK YOU ARE ASKING FOR EXEMPTION OF LONG TERM CAPITAL GAIN.
YES, BOTH TRANSACTION SHOULD ATTRACT STT TO GET BENIFIT OF EXEMPTION.

Taranjit Singh

Taranjit Singh (Expert)
Follow

31 July 2010 Long term capital gains tax from the sale of equity shares or units of equity oriented mutual funds which are subject to securities transaction tax (STT) is totally exempt u/s 10(38),

Short-term capital gain arising from such equity shares or units, which are subject to securities transaction tax (STT) shall be taxes at concessional rate of 15% u/s 111A w.e.f. A.Y. 2009-10

Taranjit Singh

Taranjit Singh (Expert)
Follow

31 July 2010 Securities Transaction Tax is applicable on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented Mutual Funds.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
Follow

31 July 2010 Fact of the cases
Claiming exemption u/s 10 (38) for LTCG

Provisio

If the transaction is subject to STT at both the time of purchase aswell as sales LTCG will be exempted from LTCG.

Whereas STCG will bear a concessional rate of tax u/s 111A if STT has been paid at the time of both sales and purchase

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Vishal Kapadiya

Prashant Kotecha

Rajesh

Akash Sawant

JACOB ABRAHAM KURIALANICKAL

Subscribe Now

long term capital gain on shares

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANT

Senior Executive

GST CONSULTANCY

CA Final