Company shares sold after a period of 6 years

Tax queries 353 views 2 replies

Goan Aussie

Others

24 Points Joined May 2015

Respected Madame / Sir,

During financial year 2014-2015, I had sold shares worth Rs.62,00,000/- on the BSE . The shares that were sold were held for a period of more than 6 years.

Q1. Will I have to pay any tax on the sold amount of shares ? I have read and found out that I am exempted from Tax, as shares held for more than 12 months, are considered long term capital gains.

Q2. Which ITR-Form will I have to use for uploading my returns ?

Q3. In the ITR Form, under which heading/column will I have to mention about about the income of Rs.62,00,000/- and that its is fully exempted from any tax.

Thanks in Advance.

Replies (2)

pavan kumar

CA Final CMA Final

202 Points Joined November 2007

Sir / Madam

Indidival with exempt Income more than Rs.5000 has to File ITR - 2 .. details of the exempt income are to be given in Schedule EI

P.N : Above answer is as per the Form for AY 2014-15 .. will update you regarding the same ocne the Forms for AY 2015-16 are available

SHINY

CA Final Student

699 Points Joined February 2012

Yes you are exempted from paying any tax on Long Term capital Gain u/s 10(38) of IT Act since you have sold it through Share mkt paying Securities Transaction Tax(STT) on it.