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Taxing IPO Share Sales

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August 22: Sale of shares during an initial public offer will invite a 20%capital gains tax. Last year, the Delhi High Court ruled that as share sales are done outside stock exchanges, it is not a listed security and cannot avail the same tax benefits. By dismissing Punj Llyod's appeal, the Supreme Court has made the ruling final and applicable to all IPOs before 2012. Khaitan & Co's Daksha Baxi and J Sagar Associates' Sunil Jain explain how the order works.