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Exempted Incomes (Tax-FREE): Section-10(33),Section-10(34),Section-10(34A), Section-10(35),Section-10(35A),Section-10(36)

 

71. Income from transfer of capital assets of UTI [Section 10(33)]

Any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964 referred to in Schedule I to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 and where the transfer of such asset takes place on or after the 1St day of April, 2002 shall be fully exempted.

72. Income by way of dividend from Indian company [Section 10(34)]

Any income by way of dividends referred to in Section 115-0.

73. Exemption of income to a shareholder on buyback of shares of unlisted company [Section 10 (34A) [w.e.f. A.Y. 2014-15]

Any income arising to an assessee being a shareholder, on account of buyback of shares, (not being listed on a recognised stock exchange) by the company as referred to in section 1 15QA shall be exempt.

74. Income from units of UTI and other mutual funds [Section 10(35)]

Following incomes are not chargeable to tax from the assessment year 2004-05:

 

•          Any income by way of dividends covered by section 115-O [i.e., any dividends from a domestic company other than dividends covered under section 2(22)(e)]; However, as per section 115BBDA (as inserted by Finance Act, 2016), in the case of resident individual/HUF/firm, dividend shall be chargeable to tax at the rate of 10% if aggregate amount of dividend received during the year exceeds Rs. 10,00,000.

 

•          Any income in respect of units of a mutual fund;

 

•          Income received by a unit holder of UTI;

 

•          Income in respect of units of a specified company.

 

Note:

1.         Under section 115-O and section 115R, the person paying the dividends on share or income on units will have to pay distribution tax on dividend/income distributed.

 

2.         It should be noted that under this clause, Income on transfer of units is not exempt.

 

75. Exemption of income from securitisation trust [Section 10(35A)] [w;e.f A.Y. 2014-15]

Any income received by any person being an investor of the Securitisation Trust from such a trust, by way of distributed income referred to in section 11 5TA shall be exempt.

76. Income from sale of shares in certain cases [Section 10(36)]

Any income arising from the transfer of a long-term capital asset, being an eligible equity share.. in a company purchased on or after the 1st day of March, 2003 and before the 1st day of March 2004 and held for a period of twelve months or more.

For the purposes of this clause, “eligible equity shares” means :

  1. any equity share in a company being a constituent of BSE-500 Index of the Stock Exchange. Mumbai as on the 1st of March, 2003 and the transactions of purchase hind sale of such equity share are entered into on a recognised stock exchange in India

(ii)     any equity share in a company allotted through a public issue on or after the 1st. day of March, 2003 and listed in a recognised stock exchange in India before the 1st day of March, 2004 and the transaction of sale of such share is entered into on a recognised stock exchange in India.

 
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