10(38)
This query is : Resolved
18 November 2009
1. Long term capital gain on shares purchased through IPO and then sold through a recognized stock exchange is covered under section 10(38) and thus not LTCG is exempt from tax. Is my contention correct?
2. The AO has taxed the above mentioned LTCG relating to AY 2008-09. What is the procedure to claim back the refund in this case?
2. The AO has taxed the above mentioned LTCG relating to AY 2008-09. What is the procedure to claim back the refund in this case?
18 November 2009
The LTCG is exempt u/s 10(38). U have of file an appeal before the CIT(Appeals) to get back the refund.
Guest
Guest
(Expert)
18 November 2009
Agree with experts.
You can also apply to Commissioner u/s 263
You can also apply to Commissioner u/s 263
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