I want to know whether an individual dealing in securities can claim exemption in case of STT i.e. Whether it can be claim during pur. of shares and selling of shares, also want to know how the same is worked under LTCG and STCG. Pls. let me know.
Bhavesh (Accounts) (899 Points)
23 January 2014I want to know whether an individual dealing in securities can claim exemption in case of STT i.e. Whether it can be claim during pur. of shares and selling of shares, also want to know how the same is worked under LTCG and STCG. Pls. let me know.
Pratik CA Final
(Article Assitant)
(102 Points)
Replied 23 January 2014
If the shares which are sold after the period of 1 year then it will attract LTCG which is exempted if STT is paid on it, Whereas in case of STCG , no exemption is available and 20 % is specifically charged as income tax that too without the exemption tax slab whichever is applicable.
Z
( )
(2965 Points)
Replied 24 January 2014
STT can be allowed as deduction u/s 36 provided the income arising from such security on whom STT was charged is considered in PGBP.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
