Shares when classified as Business Income..Urgent Sir!!!
This query is : Resolved
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.
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.
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.
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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