21 March 2015
Long Term Capital Gain under Section 10(38):
The Long Term Capital Gain earned from the sale of shares/mutual funds in accordance with the provisions of Section 10(38) is completely exempt from the purview of the Indian Income Tax. Therefore any Long Term Capital Gain accrued or realized on such sale shall not be taxable. However the Act has laid down the following conditions which have to be complied with if you wish to avail the benefit of this section (a) The shares or mutual fund should be listed on any stock exchange in India (b) Securities Transaction Tax must have been paid at the time of sale of such share
Check out the provision of Section 10(38) from the link given below:
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