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Ltcg -finance act 2018

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(Querist)
09 June 2019 At present, the Long term capital gains arising from the transfer of capital assets, being equity shares of a company are exempt u/s 10(38) . However, such transactions are liable to Securities Transaction Tax (STT), which was introduced in year 2004.
It follows that Finance Act 2018 provides that Sec 10(38) will not be applicable to any income arising from the transfer of long-term capital asset, being , an equity share in a company etc made on or after the 1st April 2018.
Sir, I had purchased SBI EQ Shares in the year 1994 & sold these shares in FEB 2019. In view of the above provisions enacted in FINANCE ACT 2018, PLEASE CLARIFY IF the said TRANSACTION MADE ON FEB 2019 COVERS UNDER THE above provisions . Thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 June 2019 Yes it's covered under the provisions you are liable for capital gains tax.
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indrajit

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indrajit (Querist)
10 June 2019 You mean to say I'm liable to pay both STT & LTCG ?
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