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STT related
STT is covered under fifth proviso to sec 48 or sixth proviso to sec 48 ?
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Hi Ronak...
“The Security Transaction Tax (STT) levied on the sale of shares and units of equity oriented mutual fund shall not be allowed as deduction in computing the income chargeable under the head “Capital Gains”. In other words, the STT paid shall neither form a part of the cost in case of purchase nor be allowed as deduction as expense of transfer in case of sale of such equity shares and units [Fifth Proviso to Section 48]
“The Security Transaction Tax (STT) levied on the sale of shares and units of equity oriented mutual fund shall not be allowed as deduction in computing the income chargeable under the head “Capital Gains”. In other words, the STT paid shall neither form a part of the cost in case of purchase nor be allowed as deduction as expense of transfer in case of sale of such equity shares and units [Fifth Proviso to Section 48]
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