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treatment od stt&st on stcg

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(Querist)
01 March 2009 What will be the treatment on stt, st on stcg? Will it be added in cost of purchase and duducted in sale vlue??
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
01 March 2009 No.
STT paid on shares is not an deductible expenditure u/s 47(ii).
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CA Sovit Agarwal

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CA Sovit Agarwal (Querist)
01 March 2009 But as per new amendment stt is deductible
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
01 March 2009 It is deductible u/s 36(1)(xiv) "if the income from trading of shares is treated as income from business or profession".

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