longtrm capital gain

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Prakash Rao (Querist)
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18 September 2017 we have purchased shares from a Pvt companyin the year 2015 and we have incurred some interest on loans to purchase of shares and we have sold the shares during the year2918.2019 asst.year. My qtn is whether I can c laim interest paid on loans can be adjusted and let me know the index cost for the cost ofquustiin and whether it can be treated LCGN or Scgn

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 September 2017 Same is long term capital gain. But int paid on loan is not your cost of acquisition.Also it is not your transfer exp. So int cant be adjusted.

S S Dahale

S S Dahale (Expert)
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18 September 2017 Seems that he has PURCHASED those SHARES without paying STT, long term capital gains ONLY COMES in picture , for sales of shares after payment of STT thro regd brokers, if it is OFF MARKET PURCHASE , i will ATTRACT BUSINESS PROFIT/LOSS

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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18 September 2017 If shares are purchased & sold by paying STT then same is exempted u/s 10(38).

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Prakash Rao

Prakash Rao (Querist)
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20 September 2017 Rashmi madam we have purchased unlisted shares in the month of may 2015 and sold in 09 2017 pl tellne whether it is long or shortterm

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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20 September 2017 It is long term........

S S Dahale

S S Dahale (Expert)
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21 September 2017 No, this transactions would fetch heading " transaction as business Income " , NO LTCG or STCG .As the Company ( whose shares are not listed either at BSE/NSE) is from Category UNLISTED, hence there is NO STT CHARGES levied /charged/paid. hence business profit / loss by its transactions would be treated as business income. provisions are too simple

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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21 September 2017 I m not agreed wid u S S Dahale .......If you are trading in shares then only it is business income..... Check on below link https://blog.cleartax.in/new-rule-tax-sale-unlisted-equity-shares/

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