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Section 10(38)

Tax queries 1088 views 7 replies

Arundhati Raychaudhuri

no designation

340 Points Joined May 2010

u/s 10(38) , will the cost of acquisition be indexed or not?

Replies (7)

RaGHuRaM

The Easy are never Good and the Good are

4957 Points Joined January 2012

Indexation is available for long term capital assets.if sec 10(38) is applicable Ltcg is exempt from tax. If it is not exempt, then indexation can be claimed but CG is taxable @ 20%. If indexation is not availed then taxable @ 10%. This benefit can be exercised at the option of assessee.

RaGHuRaM

The Easy are never Good and the Good are

4957 Points Joined January 2012

So the cost may be indexed as explained above if it is not covered by securities transaction tax

Shewta

Accountant

117 Points Joined February 2012

Yes, It comes under Income Tax and automatic as well as manual calculation of interest u/s 234A, 234B and 234C. For this you can jump on any of income tax software.

Anooj

Chartered Accountant

2130 Points Joined December 2011

Originally posted by : Raghuram :-)
	Indexation is available for long term capital assets.if sec 10(38) is applicable Ltcg is exempt from tax. If it is not exempt, then indexation can be claimed but CG is taxable @ 20%. If indexation is not availed then taxable @ 10%. This benefit can be exercised at the option of assessee.