Readers' Corner: Taxation

LTCG from transfer of equity shares acquired on or after October 1, 2004 would be exempt from tax

Kuldip Kumar 

I had acquired 500 shares of Company A in the financial year 2014-15 in an offline transaction for Rs 10,000. The company then merged with Company B, which is a listed entity. I was allotted 100 shares of Company B. I sold my holdings on the exchange for around Rs 1 lakh in August. As I had not paid securities transaction tax when acquiring shares of Company A, do I need to pay any capital gains tax now?   Under section 10(38) of the Act, any long-term capital gains (LTCG) tax on an equity share or a unit of an equity oriented fund is exempt, provided the sale is made on or after ...

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