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Capital Gains exempt from Tax

Income Tax - Capital Gains - 11 - In the following cases, capital gains are not chargeable to tax. Conversely, in the cases given below if assets are transferred at loss, such capital loss is not taken into consideration. CAPITAL GAIN ON TRANSFER OF US 64 [Sec. 10(33)] Long-term or short-term capital gain arising on transfer of units of Unit Scheme, 1964 (US 64) which is transferred on or after 1-4-2002. Means any gain arising from the redemption of units is exempt under Income Tax Act. CAPITAL .....

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reference to original compensation as well as enhanced compensation are exempt. Capital gains whether long term or short term are exempt. LONG TERM CAPITAL GAIN IN CASE OF SPECIFIED SECURITIES COVERED BY TRANSACTION TAX [Sec. 10(38)] Any income arising from the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented fund or units of a business trust where the transaction of sale is chargeable to STT Notes: Exemption is available for all assessees .....

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