Hi,
I purchased some shares in 2010, and I paid STT in purchase transactions.
Then I sold these stocks in 2021 and I paid STT in sale transactions.
How is this STT accounted for in the LTCG / LTCL calculations ?
Sanjeev (Tax Payer) (116 Points)
29 March 2022Hi,
I purchased some shares in 2010, and I paid STT in purchase transactions.
Then I sold these stocks in 2021 and I paid STT in sale transactions.
How is this STT accounted for in the LTCG / LTCL calculations ?
CA. Roopali Kadam
(Jobs on assignment basis.)
(1453 Points)
Replied 30 March 2022
Account it in a separate STT exps head as these exps are not allowed as deduction in LT CG calculations
Sanjeev
(Tax Payer)
(116 Points)
Replied 31 March 2022
Thanks Roopali.
Do you mean that the STT deduction cannot be used to increase the purchase price unlike the brokerage, GST, Stamp Duty, Exchange Levy, SEBI turnover fees ?
Similarly, the STT expense cannot be used to reduce the selling price unlike brokerage, GST, Stamp Duty, Exchange Levy, SEBI turnover fees ?
Are both of the above statements correct or only one ?
STT cannot be accounted in the sale price as well as purchase price to reach LTCG/ loss ?
Please suggest.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
