Capital GAins on Sale of Shares

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CA Deepak Joshi (Querist)
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10 January 2010 Sir,

Suppose I purchased some shares on 29 feb 08 and sold the same on 1 mar 09... what will the gains be classified as- STCG or LTCG? Kindly elaborate with reasons.
Thanx

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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10 January 2010 The condition for long term capital gains on shares is that the holding period should exceed more than one year. In your case one year of holding ends on 28 02 09 hence your case falls under long term capital gains category.

CA Deepak Joshi

CA Deepak Joshi (Querist)
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10 January 2010 Thanks for your reply sir,
But I think we exclude the date of transfer for calculating POH... so the POH in my case is 29-feb-08 to 28-feb-09.... now what will it be classified as??

CA Deepak Joshi

CA Deepak Joshi (Querist)
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10 January 2010 really sorry for troubling you...i misunderstood the answer...now its clear..

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