exxemption on capital gains

As per my knowledge such a thing is not possbile..The sections ur referring to are 54/54B/54D/54EC/54F/54G, such deductions are allowable only in case of sale of Long Term Capital Assets..

right information by rewati

i think so revati is right

dear friend

there is no exemption available on stcg on shares u/s 54.it will be taxable @ 15%

regards

tarun rustagi

ya ... agree with revati

excemption available only for Long term capital gain on Share. this is not applicable for short term capital gain on shares.

there is no specific exemption, but if the income is less than basic exemption limit including short term capital gain then its not taxable..

Un-utilized basic exemption can  be used to set-off STCG.

dear friend

If  ur income is less than the basic exemption limit i,e 160000/- excluding captial gains income  as an individual , for A.Y 2010-11 ,and ur Short term captial gains income is more than 160000 or more also U r STCG will be taxable @ 10% and not at 15%  u can go Through the section 111A of  STCG recent ammendment in F.Y 09-10 ..........

Dear Harish,

While what you say is correct,it would be unwise to take advantage of this drafting error (10% and not 15%) since the same can be amended at any time with "retrospective" effect.