User talk:Choiceboll

1. 1. Capital gain on transfer / investment eligible for exemptions u/ss 54 to 54F 2. 2. See also section 50C inserted with effect from 1-4-2003 dealing with ‘ special provisions for full value of consideration in certain cases’

From assessment year 2004 – 2005 dividends on shares in domestic companies covered by section 115-O and income received in respect of units of UTI or mutual fund are exempt from tax .Consequently, these are not eligible for deduction under section 80L.

Devidends : Income by way of dividends referred to in section 115-O are ( i.e ; dividend, not being covered by section 2(22) from a domestic company ) are exempt from tax under section 10(34).

[|Section 115-O has been amended so as to make the provision of this section applicable in respect of the profits ( whether current or accumulated profits ) distributed by domestic companies on or after 1-4-2003 . such profits shall be charged at the rate of 12.5 per plus surcharge and education cess .]