Is tax on long term capital gain applicable ? if i sale share with long term profit is tax on same applicable ?
2 Replies
Abhimanyu Bind
(CA Final Student & Audit Assitant)
(2051 Points)
Replied 03 January 2013
If shares have been sold after holding 12 months through a recognized stock exchange then No Long Term Capital Gain Tax is applicable. i.e. TAX FREE.
Regards,
Abhi
CA DIGANT CHADHA
(Academician & Consultant)
(195 Points)
Replied 03 January 2013
IT IS LONG TERM CAPITAL GAIN U\S 10(38) WHICH IS EXEMPT FROM TAX. SIMILARLY IF YOU ARE HAVING LOSS IN THESE SHARES THEN IF YOU SELL THEM FROM RECOGNISED STOCK EXCHANGE, YOU WONT BE ABLE TO SET OFF THE LOSS. TAX PLANNING FOR THIS CASE IS THAT YOU SELL THESE SHARES OFF MARKET.
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