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Mat & ltcg

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(Querist)
05 August 2013 Is LTCG on STT paid indian listed shares deductible from MAT calculation. Where the assessee is company not dealing in buying and selling of shares and the said LTCG on shares is one of transaction during the year but may be substantial and what in case if it is about 50% of other profits.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2013 LTCG is not deducted while computing book profit for the purpose of MAT.

Explanation 1 to Section 115JB provides for computation of book profit and it provides that such income shall NOT be deducted.
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