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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?

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.




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