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CBDT proposes tax benefits for genuine equity deals
India's Income Tax Department has specified a list of equity share sale transactions that will have to comply with the latest Budget provision and pay long-term capital gains tax if Securities Transaction Tax has not been paid. "It is proposed to notify that the condition of chargeability to STT (Securities Transaction Tax) shall not apply to all transactions of acquisitions of equity shares entered into on or after the first day of October, 2004 other than the specified transactions," the Central Board of Direct Taxes (CBDT) said in a draft notification on Monday, seeking stakeholder comments by April 11 to finalise the proposal.