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Income Tax Exemption under Section 10(38) of Income Tax Act, 1961


Eligible Assessee

Any assessee


Nature of Income

Long term capital gains on sale of equity shares or units of equity oriented fund




Amount Exempt

Entire amount


Conditions laid down for Tax Exemption

  1. The gains arises from transfer takes place after chapter VII of Finance Act (No. 2) Act, 2004 came into existence

  2. such transactions are chargeable to STT

  3. The income will be included while computing Book profit for the purpose of section 115JB.

  4. Equity oriented fund means fund

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