taxation of shares
This query is : Resolved
manish shah
(Querist)
06 August 2010
MR A HAS PURCHASED SHARES 13 MONTHS BACK FROM SHAREHOLDER ( OF INLISTED PUBLIC COMPANY ) . IN MEANWHILE COMPANY GET LISTED AND SHARES DEMATERILISED . AUG 2010 SHARES ARE SOLD ON BSE WITH STT PAID OVER SALE TRANSACTION .
- TAXABILITY ? .
- TAXABILITY ? .
manish shah
(Querist)
06 August 2010
PLEASE REPLY ALSO ON IF LOANG TERM CAN I AVIAL BEBFIT OF 10 % RATE OF TAX WITHOUT INDEXATION
Aditya Maheshwari
(Expert)
06 August 2010
Since shares sold on stock exchange and STT paid on the sale and share held for more than 1 year the said gain would be exempt u/s 10(38).
If sale of shares off market of listed shares then assessee has option to avail benefit of 10% rate of tax.
If sale of shares off market of listed shares then assessee has option to avail benefit of 10% rate of tax.
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