Yash soni
(...)
(74 Points)
Replied 12 August 2019
mohit garg
(Student CA IPC / IPCC)
(35 Points)
Replied 12 August 2019
CA Guru Manohar
(Professional - Job)
(25 Points)
Replied 13 August 2019
| S.No. | Particulars | Section 112 | Section 112A | ||
| 1 | What type of LTCA covers? | Applies to transfer of all Long Term Capital Assets defined as per section 2(29A) of the Act. | Applies to transfer of only following Long Term Capital Assets:- | ||
| Equity share in a company | |||||
| Unit of Equity Oriented Fund | |||||
| Unit of a business trust | |||||
| 2 | Condition of payment of STT | Applies on transfer of LTCA whether STT is paid or not. | Applies only when following conditions are satisfied:- | ||
| LTCA | STT Paid | ||||
| On Acquisition | On Transfer | ||||
| Equity share in a company | Yes | Yes | |||
| Unit of Equity Oriented Fund | No | Yes | |||
| Unit of a business trust | No | Yes | |||
| However, above conditions are not applicable if transfer covers under sub-section (3) or (4). | |||||
| 3 | Tax Rate | Tax Rate @ 20% or 10% | Tax Rate only @ 10% in excess of Rs. 1 lakh. | ||
| 4 | Exemption of Rs. 1 lakh | No | Yes | ||
| 5 | Applicability | Inserted by Finance Act, 1992 | Inserted by Finance Act, 2018. Applicable w.e.f. 01-04-2019 | ||
| 6 | Relief u/s 87A | Yes | No | ||
| 7 | Indexation benefit as per 2nd proviso to Section 48 | Yes | No | ||
| 8 | Mode of Computation of Capital Gain in foreign currency in case of NR (1st proviso to Section 48) | Yes | No | ||
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