Section 111A - Tax on Short Term Capital Gains in certain cases

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....(security transaction tax) is paid. Section 111A(1) shall be applicable to all assessees including non-residents, if all the following conditions are fulfilled :- * The gains arise from transfer of a short term capital asset * Being an equity share in a company or a unit of an "Equity oriented Fund" or units of a business trust and * The transaction of sale Is chargeable to securities trans....

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....alance amount were the total income of the assessee. ] * Adjustment of unexhausted Basie Exemption Limit * In case of resident individual or HUF, if the basic exemption is not fully exhausted by any other income, then * the short capital gain will be reduced by the unexhausted basic exemption limit and only the balance would be taxed at rate enforced u/s 111A(1)(i). * The benefit of a....

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....s not applicable where the shareholders sell the units of business trust which were acquired by him in exchange of shares of SPV. * Normal tax rates shall apply on STCG arising on sale of such units of business trust. * Taxability of ULIP on sale or redemption [Amendment made by Finance Act, 2021] *  The Finance Act, 2021 has included such ULIPs [to which exemption under secti....