I have sold equity in 2006-07 which I have bought in the year 2004-05 (for 1 lkh) and sold it at 1.70 lkhs(with STT).Do i have to pay capital gain tax? Can i invest in residential property and get capital gain exemption?
RE:capital gain exemption
by ABC on Jul 09, 2007 12:43 PM Permalink
No capital gains tax if held for more than 1 year....no need to re-invest in housing. There may be some complications if you received any bonus shares or share splits. Look at large cap IT companies like Infosys and TCS now, for 45% to 50% this year itself.
RE:capital gain exemption
by Gopi on Jul 09, 2007 12:50 PM Permalink
No, Capital gain tax u have to pay, because u have already paid the STT. no tax is applicable on long term capital gains if STT paid. Gopi.
