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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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