UNABSORBED DEPRECIATION & CAPITAL GAINS

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NIRAV DOSHI (Querist)
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01 November 2009 My attempt of PCC is in Nov 2009 & I have got the following queries:

1:Is unabsorbed depreciation allowed as a set off against Income Chargeable under the Head Salaries?

2:Since capital gains on sale of shares,subject to payment of STT is exempt from Tax,when is indexing done for finding out the cost of acquisition while computing capital gains on equity shares?

Thanks & Regards

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 November 2009 1. No
2. Pl read the following:-
Tax on Long Term Capital Gain sec.112

1. Where the transferred long term asset is in the nature of listed securities or units of UTI or mutual fund or zero coupon bonds.

2. The gain arising from the transfer of such securities or units shall be liable to tax -

* @10% on such LTCG computed without the benefit of indexation, OR

* @ 20% on such LTCG computed availing the benefit of indexation

Whichever is more beneficial to the assessee.

Pl note that the possibility of applying 10% or 20% tax rate shall arise only in a case where the listed shares are not traded through a recognized stock exchange and not chargeable to STT. Otherwise, the transfer of listed shares is covered by the exemption provided u/s 10(38).

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