Currently,
LTCG arising from transfer of long term capital assets, being equity shares of
a company or a unit of equity oriented fund or a unit of business trusts, on
which STT has been paid is exempt from income-tax under section 10(38) of the
Act. In Budget 2018, with the withdrawal of Sec 10(38), there is a proposal of
a parallel introduction of Section 112A to tax LTCG on sale of Equity
shares, Units of equity oriented funds or Units if business trusts at a
concessional rate of 10% on the gains in excess of Rs.1
lakh without providing the benefits of indexation or the benefit of
computation of capital gains in foreign currency in the case of non-residents.
The
provisions of this section will apply from the Financial Year (FY) 2018-19 i.e.
AY 2019-20. This otherwise means, any transfer carried out after 1 April 2018,
resulting in LTCG in excess of Rs.1 lakh will attract tax at the rate of 10
percent.
Determining the Cost of
Acquisition
A method of determining the Cost of Acquisition (“COA”) of such
investments has been specifically laid down according to which the COA of such
investments shall be deemed to be the higher of-
1.
The actual COA of such investments; and
2.
The lower of-
Fair
Market Value (‘FMV’) of such investments; and
the Full
Value of Consideration received or accruing as a result of the transfer of the
capital asset i.e. the Sale Price
Further, the FMV would be the highest price quoted on the
recognized stock exchange on 31 January 2018. In case there is no trading of
the said asset in such stock exchange, the highest price on a day immediately
preceding 31 January 2018 shall be considered to be the FMV. In effect, the
taxpayer can claim the highest price quoted on the recognized stock exchange on
31 January 2018 as the COA and claim the deduction for the same.
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