19 September 2010
Treatment of STT if having business income from delaing in shares. Pls. also clarify if showing income from investment i.e. under capital gain.
19 September 2010
there os no special treatment in respect of STT paid on dealing in shaes..it will be allowed as a deuction while calcilating profit.
in case of capital gain it can alo be included in ct of investment further if STT is not paid on the shares than condition of 15% /exempted for Short term and long term will not be applicable
19 September 2010
STT allowable as deduction from business but not from capital gains as per section 48.
47[Provided also that no deduction shall be allowed in computing the income chargeable under the head “Capital gains” in respect of any sum paid on account of securities transaction tax under Chapter VII of the Finance (No. 2) Act, 2004.]
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