No rebate u/s 88 from Tax on LTCG irrespective of the capital asset involved.
Rebate u/s 88 is available on tax on STCG from assets other than Shares available irrespective of date of sale and on slae of shares prior to 01.10.2004 i.e. upto 30.09.2004.
Paras Chhajed, FCA, DISA (ICA)
----- Original Message -----From: Nikhilesh Mohan MangalTo: AhmedabadCAs@yahoogroups.com ; ca_indore@yahoogroups.com ; CA_Mumbai@... ; charteredaccountant@yahoogroups.com ; gujaratcas@... ; icai-hyderabad@... ; indiancas@yahoogroups.com ; Jaipur_CA@... ; bhilai-ca@yahoogroups.comSent: Friday, January 07, 2005 10:47 AMSubject: [CA_Mumbai] Rebate U/s. 88Warm Regards
Hi,
In general do we get Rabate benefits on LTCG and STCG. The cases are as under
1. LTCG & STCG on securities sold before 01st October 2004
2. STCG on securities sold before 01st October 2004. I understand that LTCG is non taxable.
3. LTCG on flat sold.
Nikhilesh Mangal
If it is to be...... its upto me!
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