Capital Gain

This query is : Resolved

Vivek Gangwal (Querist)
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21 January 2009 We have acquired shares on say 24-sep-07 and sold the same on 24-sep-08.

As per S/112 what is the period of holding for 12 Month.

Whether the said transaction is STCG/LTCG.

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)
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21 January 2009 it is STCG

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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21 January 2009 its ltcg because on year ended on 23.09.08

K V Subba Rao

K V Subba Rao (Expert)
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21 January 2009 This Query appears to have been raised for academic interest.

"Asset held for not more than 12 months" is treated as short-term capital asset

Period of 12 months from 24th Sep 07 completes by midnight on 23rd Sep 08.
Second year or 13th month commences from midnight of 23rd Sep 08

So I agree with the view expressed by Sri Nitin