Articled student--Final
375 Points
Joined July 2008
yes... STT is not allowed as a deduction in computing income form capital gains but there are some provisions u/s
10(38) it says if equity shares(securities) are traded in a stock exchange recoginsed in india and the share qualify for long term then the capital gain computed is exempt. Even if there is a loss the assessee cannot claim the same.
111A it says if equity shares(securities) are traded in a stock exchange recoginsed in india and the share qualify for short term then the capital gain computed is taxable at a rate of 15%.
and the STT is allowed as business deduction u/s 36....