LTCG
This query is : Resolved
20 January 2009
Any LTCG arising from the transfer of equity sahres & units of equity oriented fund shall be exempt if these are sold on or after 1-10-2004 & such transaction of sale is subject to STT & securities have been sold through a recognised stock exchange under sec.10(38).
my question is that is it possbilbe to sell them without givinig STT? What is the meaning of reconised stock excahge?
my question is that is it possbilbe to sell them without givinig STT? What is the meaning of reconised stock excahge?
20 January 2009
No, LTCG generated by sale of shares through Recognised Stock Exchange qualify for exemption u/s 10(38). However, the shares may be sold otherwise without paying STT also,i.e, not through the recognised Stock exchange but these will not qualify for exemption u/s 10(38).
20 January 2009
thanks sir
20 January 2009
10(38)
Any person
Long term Capital Gain
Entire amount
*
Long term Capital gain must arise on transfer of equity shares of a listed company or units of equity oriented mutual funds(a mutual fund wherein investible funds are invested in domestic companies for more than 65% of the total proceeds of such fund)
*
Such transaction is chargeable to Securities Transaction Tax.
Any person
Long term Capital Gain
Entire amount
*
Long term Capital gain must arise on transfer of equity shares of a listed company or units of equity oriented mutual funds(a mutual fund wherein investible funds are invested in domestic companies for more than 65% of the total proceeds of such fund)
*
Such transaction is chargeable to Securities Transaction Tax.
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