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Long term capital gain on sale of shares
Is Long Term Capital gain on sale of shares exempt from tax? .
Replies (1)
Long term capital gains arising on sale of shares is exemp under Sec 10(38) only if the conditions under Sec 111A are satisfied:
a. Sale must be thru recognized stock exchange on or after Oct 1, 2004
b. Sale must be subject to payment of STT (Securities Transaction Tax)
If these conditions are not met, LT Cap gains are taxed @ 20% (with indexation) or 10% (without indexation) under Sec 112
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