Restriction on exemption u/s 10(38) - transfer of a long term capital asset, being an equity share - No Exemption if STT is not paid - Budget 2017-18 w.e.f. 1.10.2004 (Retrospective)
2 February, 2017
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Capital gains exemption restriction applies where securities transaction tax not paid on equity share transfers, affecting post acquisition transactions. Amendment to clause 38 of section 10 denies exemption for income from transfer of a long-term capital asset being an equity share where the acquisition ... Summary
Capital gains exemption restriction applies where securities transaction tax not paid on equity share transfers, affecting post acquisition transactions.
Amendment to clause 38 of section 10 denies exemption for income from transfer of a long-term capital asset being an equity share where the acquisition (unless notified otherwise) was entered into on or after 1 October 2004 and the transaction is not chargeable to Securities Transaction Tax under the Finance (No.2) Act, 2004; the change is proposed in the Finance Bill, 2017 and applies retrospectively from 1 October 2004.
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