TREATMENT OF SECURITIES TRANSACTION TAX
This query is : Resolved
smita sharma
(Querist)
09 May 2009
STT PAID ON SHORT TERM CAPITAL GAIN WHETHER ALLOWABLE EXPENDITURE OR NOT FOR F.Y 2008-09? BECAUSE THE AMENDMENT SAYS THAT STT BE ALLOWABLE U/S 36 IF INCOME IS INCLUDED UNDER PROFIT AND GAINS FROM BUSINESS AND PROFESSION.
Gayathri Devi
(Expert)
09 May 2009
The Ammendment says that if an asessee carries the Business dealing in shares then it is allowable u/s 36. It doesnt explains that it is not allowable for short term capital Gain hence an asessee can claim STT as allowance while computing short term capital gain.
CA Nitin Wadhwani
(Expert)
10 May 2009
STT is disallowed u/s 47(ii) while computing capital gains.
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