banner_ad

Tax Applicability

This query is : Resolved 
Profile Image

Profile Image

(Querist)
05 October 2009 1. I have purchased Andhra Bank shares 1000 nos. in 2001 through its IPO. While purchasing it were physical later I converted them to Demat. I bought these shares at a rate of Rs 10/- per share.

2. I want to sell these shares. Will there be any tax that need to be paid or applicable on the profit on selling these Shares? I am working for a private firm and my income tax is deducted at the source. Now the rate of these shares is Rs.100/-. My investment was Rs.10000/- and once I sell these shares for example for Rs.100/- then I get a profit of Rs.90000/-. If I need to pay tax please take the figures indicated and let me know.

3. I have contacted one of the CA, he indicated that you no need to pay any tax because it is long term investment and it is of nationalized bank and as per Income tax section 10 (38) Securities Transaction Tax (STT) is paid.
Profile Image

CA. Gurdeep Singh Chawla

Profile Image

CA. Gurdeep Singh Chawla (Expert)
05 October 2009 long term capital gain on shares exempt u/s 10(38)
Profile Image

Manmohan ACA, CS

Profile Image

Manmohan ACA, CS (Expert)
05 October 2009 long term capital gain on shares exempt u/s 10(38)
Profile Image

Nischint Kumar Somani

Profile Image

Nischint Kumar Somani (Expert)
06 October 2009 n need to pay tax on the same..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details