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Shares when classified as Business Income..Urgent Sir!!!

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(Querist)
09 August 2010 Dear Experts,
When we classify the dealings of the shares as Business Income, will we be able to claim exemption u/s 10(38) in case of long term holding of shares?
Please reply me...
Thank you,
Rajesh.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
09 August 2010 No. Since you treat the income as Business Income you will not be able to claim the exemption u/s 10(38) in case of Long term holding of shares and this income will also be treated and taxed as Business Income.
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
09 August 2010 No, dealing of the shares as business income, not be able to claim exemption u/s 10(38) beacuse it is on long term capital gain, while you are treating it business.
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