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AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required


Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

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        Case ID :
        Income Tax

        Whether the exemption u/s 10(38) is avaliable if the transaction is undertaken on a stock exchange located in any International Financial Service Centre?

        17 May, 2018

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        Manual - Exempted Income u/s 10 - Income Specific

        Exemption from long term capital gains u/s 10(38) shall be available even if STT is not paid, provided that -

        1. transaction is undertaken on a recognised stock exchange located in any International Financial Service Centre, and

        2. consideration is paid or payable in foreign currency

         

        Exemption under section 10(38) available when transaction is on an IFSC exchange and consideration is in foreign currency. Exemption from long term capital gains under 10(38) applies despite non payment of Securities Transaction Tax if the transfer is on a recognised stock exchange in an International Financial Service Centre and the consideration is paid or payable in foreign currency.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Exemption under section 10(38) available when transaction is on an IFSC exchange and consideration is in foreign currency.

                              Exemption from long term capital gains under 10(38) applies despite non payment of Securities Transaction Tax if the transfer is on a recognised stock exchange in an International Financial Service Centre and the consideration is paid or payable in foreign currency.


                              Note: It is a system-generated summary and is for quick reference only.
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