LTCG on sale of shares
This query is : Resolved
11 June 2010
Mr.x sold shares of xyz inc. which is traded on New york stock exchange. Mr.X is ordinarily resident in India. Is Mr.X liable to pay tax on capital gains if
1. shares were held for less than 1 year
2. shares were held for more than 1 year
3. Mr.X sold 'Options' instead of shares
4. Mr.X received such shares under ESOP from his company
1. shares were held for less than 1 year
2. shares were held for more than 1 year
3. Mr.X sold 'Options' instead of shares
4. Mr.X received such shares under ESOP from his company
11 June 2010
1. Yes
2. Yes
3. Would be taxable as business income
4. Yes
Even long term capital gains would be taxable in case of shares sold on the exchange as STT has not been paid on the sale of shares.
2. Yes
3. Would be taxable as business income
4. Yes
Even long term capital gains would be taxable in case of shares sold on the exchange as STT has not been paid on the sale of shares.
11 June 2010
AGREED WITH MR. ADITYA.
11 June 2010
What is the date to be considered for exchange rate -
1. Execution date
OR
2. Date of credit of Amount into Assessee bank a/c
1. Execution date
OR
2. Date of credit of Amount into Assessee bank a/c
11 June 2010
Execution date
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11 June 2010
Can Transaction fee charged be shown as a deduction from gross sale proceeds?
11 June 2010
Thank you for the clarification. Is indexation benefit available on such transaction?i.e. can it be taxed at 20% after availing indexation benefit Or can it be taxed at 15% without indexation?
11 June 2010
Transaction fees can be considered as a cost of transfer.
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