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CBDT notifies transactions for which the condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act 1961 shall not apply

News and Press Release - Dated:- 6-6-2017 - Section 10(38) of the Income-tax Act, 1961 ( the Act ), prior to its amendment by Finance Act, 2017 provided that the income arising by way of a transfer of long term capital asset, being equity share in a company shall be exempt from tax if such transfer is undertaken after 1st October, 2004 and chargeable to Securities Transaction Tax (STT) under Chapter VII of the Finance (No.2) Act, 2004. In order to curb the practice of declaring unaccounted incom .....

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