I had received the share of values 1 Lakhs as a nomiee after my grandfather dead. I recently sold these share (I kept these share for more than 1 year). I want to know how i can show these share in Tax return(as i have to show date of purchase and date of sale) and whether I have to pay any tax for these as i already paid STT tax.
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Income tax on selling shares
Replies (7)
no you dont have to pay taxes since it has been held for more than a year & STT has been paid on the same. Show the details of the share sold under capital gain head
if you are paid stt on share you are liable for pay capital gain and the day count for capital gain is when your grandfather purchases .
why is he liable to pay capitak gain vishu? i am unable to understand.. kindly explain.
Sonakshi is right...shares are held for >1 yr (so LTCA) and STT is paid. Hence such capital gains are exempt u/s 10(38)
As per Section 10(38) LTCG on Shares on which STT is paid are Exempt, so not liable to pay any kind of Tax on it.....jst show it under ITR under Exempt Income.....
as per section 10(38) it is exempt
totally agreed with sonakshi
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