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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.


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