Exemption Of Long-Term Capital Gains On Securities
Any
income arising to a taxpayer on account of sale of long term capital asset
being securities will be completely outside the purview of tax liability especially
when the transaction of sale of such securities is entered into a recognised
stock exchange in India. Thus, if the shares of any company just listed in the
stock exchange are sold after holding it for a minimum period of one year then
there will be no liability to payment of capital gains. This provision would
also apply for the existing shares which are held by an assessee and are being
sold and that Securities Transaction Tax has been paid on the transaction.