Capital Gain arising on transfer of Long Term Equity shares is Exempt, if they are subject to Securities Transaction Tax. But My query is, My Client has sold same long term equity shares and paid securities transaction tax during fy 2015-16, But these shares were purchased during fy-1984 directly from co. Whether capital gain arising on such sale qualify for Exemption . Further if qualify for exemption , is it necessary to file return or not. During 1984 he purchased only 1000 shares, but during fy2015-16 no of shares which were sold are 9000 because of bonus shares , right shares , splitting ect. is it make any difference.
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