Capital Gain
This query is : Resolved
Vivek Gangwal
(Querist)
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.
As per S/112 what is the period of holding for 12 Month.
Whether the said transaction is STCG/LTCG.
21 January 2009
it is STCG
CA Nitin Wadhwani
(Expert)
21 January 2009
its ltcg because on year ended on 23.09.08
K V Subba Rao
(Expert)
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
"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
VINOD KUMAR GUPTA
(Expert)
22 January 2009
Long Term Capital Gain
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