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Existence of a section in present time

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Nandini Gupta

11 Points Posted on 12 May 2021

Is section 10(38) is still applicable ?

Replies (4)

Quick Summary

This discussion clarifies the current applicability of Section 10(38) of the Income Tax Act. It confirms that Section 10(38) is no longer applicable for income arising from the transfer of long-term capital assets, including equity shares, from April 1, 2018. The proviso introduced in the budget effectively removed the exemption previously provided under this section.

veerendar singh

tax consultant

3306 Points Posted on 12 May 2021

No. its taxable income now

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 12 May 2021

But it is exempt till now??

CMA Poornima Madhava

CMA

13117 Points Posted on 12 May 2021

Proviso to section 10(38):

Provided also that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018.

https://www.incometaxindia.gov.in/pages/acts/income-tax-act.aspx

So sec 10(38) is not relevant now.