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Ltcg on shares

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(Querist)
23 March 2012 Can anyone help me out in reconciling between section 10(38) & proviso to section 112(1) of IT act,1961.
One says LTCG on shares is exempt & other says it is taxable @ 10%.
Please sort out this matter
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CA Nikhil Jhanwar

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CA Nikhil Jhanwar (Expert)
23 March 2012 Section 112 is charging section for LTCG and provides the income tax rate. Whereas Section 10(38) is exemption section which provides that no LTCG will be levied if shares are sold and STT is payable in simple meaning where shares are sold through stock exchange. Section 10 will prevail over Section 112
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