Long term capital gains on sale of shares

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  1. canlion

    canlion New Member

    I bought some shares of Shanthi gears in 1984/85 offered as IPO and sold all including various Bonus' /rights recd. in aug 2014 thru' my brokerage account.. There was no change in my holding bet, 31st Mar 2014 and 31 march 2015
    as can be seen in my DP account. statement.
    Am I capital gain tax exempt?.
    Which form I should use to efile.
    Should I show my gain though tax exempt and where?

    Thanks and regards
  2. LTCG is exempt under Income ATx Act So u Will not be taxed
  3. Parul_Gupta

    Parul_Gupta Active Member

    As the shares were held by you for more than 1 year, therefore no tax would be levied in this case.

    This income would be mentioned in the income tax return as Income exempted from the levy of income tax.

    Refer this link for how to disclose the exempted income in the income tax return - http://www.charteredclub.com/exempt-income-itr/
  4. canlion

    canlion New Member

    Thanks for your kind response. Appreciate your clarity.So I have to file ITR2 stating exempt income and not ITR 1 where such exempt income is not asked?
  5. Amit Sahni

    Amit Sahni Active Member

    Yes, it is better to use ITR 2 to disclose such exempted income
  6. canlion

    canlion New Member

    Thank you for the opinion.
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