Long term capital gains tax on sale of shares

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  1. venkata

    venkata New Member

    I have purchased satyam computers shares in 2009 @ 80 per share. In May 2013 they have merged with TechMahindra at a swap ratio of 2:17 ie., I got 2 shares of TechMahindra for 17 shares of satyam computers. In Dec 2014 I have sold all of my shares through NSE and booked profits and got out of equity market. My tax consultant advised me to pay long term capital gains tax on my profits. I am a retired person and senior citizen having only income from bank deposits. Am I liable to pay LTCG on my profits arised from sale of shares ? Your advise will be appreciated.
    Thank You
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As the Shares were held by you for more than 1 year, therefore this classifies to be a Long Term Capital Gain.

    And you would be happy to note that NO TAX is levied on Long Term Capital Gains and these gains are tax free.

    These are tax free not only for Senior Citizens but for everyone.
     
    venkata likes this.
  3. venkata

    venkata New Member

    Thank you Gaurav for your valuble advise.
     
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