Securities Transaction Tax introduced on exchange purchases; long-term gains on exchange sales exempted and short-term gains taxed for investors. Chapter VII establishes a Securities Transaction Tax on purchases of securities on recognised stock exchanges, to be collected by the exchange from the purchaser and paid to the exchequer. It also exempts long-term capital gains from sales on a recognised exchange and provides for a concessional tax rate on short-term capital gains for investors, including foreign institutional investors, with corresponding amendments to the Income-tax Act applicable to the relevant assessment year onward.
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Provisions expressly mentioned in the judgment/order text.
Securities Transaction Tax introduced on exchange purchases; long-term gains on exchange sales exempted and short-term gains taxed for investors.
Chapter VII establishes a Securities Transaction Tax on purchases of securities on recognised stock exchanges, to be collected by the exchange from the purchaser and paid to the exchequer. It also exempts long-term capital gains from sales on a recognised exchange and provides for a concessional tax rate on short-term capital gains for investors, including foreign institutional investors, with corresponding amendments to the Income-tax Act applicable to the relevant assessment year onward.
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