| Question And Answer | |
|---|---|
| Subject: | BUY BACK OF SHARES. |
| Category: | Income-Tax |
| Querist: | RAJEY |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | buy back of shares |
| Date: | June 22, 2022 |
THE ASSESEE HAS SOLD LISTED COMPANY SHARES THROUGH BROKERS IN BUY BACK AND STT IS CHARGED.WHETHER SECTION 10(34A) BENEFIT AVAILABLE.IN FY 21-22 TCS,JUST DIAL ETC BUY BACK OFFER HAD COME THROUGH BROKER MODE AND STT CHARGED.PLEASE NOTE THAT IT IS NOT DIRECT PURCHASE BY COMPANY.
PLEASE REPLY ABOUT ABOUT SEC 10(34A).
As we understand, the assessee has purchased shares through a broker, the boker is merely a custodian of the shares whereas the assessee continues to be the beneficiary. Therefore, the assessee should be entitled to the benefit of section 10(34A) of the Income-tax Act, 1961.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org