Exempted income of Profit on BuyBack of shares

Manoj Punjabi (Accountant) (273 Points)

03 July 2024  

I have profit on buy back of shares by company, which is exempted u/s 10(34A).

it is short term gain.

My query is:

Shall I show it under STCG in ITR2 or I show it directly in Exempt income schedule..

This buyback income is just Rs.7500, if I add it in STCG it will not make any difference in Tax amount, as overall total income is below 7 lacs, no tax payable.

What is the right thing to do? Show in Exempt income schedule, or Show as STCG.

Please guide.