"Exemption Of Long-Term Capital Gains On Securities"
Any income arising to a taxpayer on account of sale of long term capital asset being securities will be completely outside the purview of tax liability especially when the transaction of sale of such securities is entered into a recognised stock exchange in India. Thus, if the shares of any company just listed in the stock exchange are sold after holding it for a minimum period of one year then there will be no liability to payment of capital gains. This provision would also apply for the existing shares which are held by an assessee and are being sold and that Securities Transaction Tax has been paid on the transaction.
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications