sec10(38)
This query is : Resolved
21 September 2010
LTCG on sale of equity shares ,exempt under sec10(38),shall be taken into account in computing the book profit and income tax payable under section 115JB
is it mean a person has to pay tax on such exempted capital gains in income tax payable
is it mean a person has to pay tax on such exempted capital gains in income tax payable
21 September 2010
Yes MAT is payable on LTCG exempt u/s 10(38) only if tax on book profit is more tahn as per normal rates.
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21 September 2010
LTCG covered u/s 10(38) ,if credited in the p &l account, is not a permitted deduction from the profit disclosed in the p & l account for calculating book profit u/s 115JB of the Income tax Act,1961.
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