I have some catipal Gains from selling stocks listed in stock market with STT paid on them. As I had held the stcoks for more than 3 years, these fall under LTCG.
I was under the impression that these LTCG are exempt from tax.
But I read in some website that for LTCG the following things apply:
- LTCG in case of ‘Asset in the case of others where proviso under section 112(1) not exercised’ where benefit of indexation is allowed is ‘21’ and the tax rate is 20%.
- LTCG in case of ‘Asset in the case of others where proviso under section 112(1) is exercised’ where the benefit of indexation is NOT allowed is ‘22’ and the tax rate is 10%.
Which of this is correct?
CAclubindia
