captal gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 July 2011
dear friends, pls help me i have a doubt regarding capital gain...... eg:Mr.X has investment in mutual fund...he took 500 units of tatal mutual fund on 20.8.2007 @ Rs.50000.. on 12.10.2010 he swith out from this mutual fund scheme to another scheme of tata..on that date nav of old scheme was Rs.38000....my doubt is Rs.12000 (50000-38000) is to be treated as long term capital loss or not?.pls reply............
U S Sharma
(Expert)
20 July 2011
its long term capital loss,
capital loss can be forwarded or not .....for that look into STT payment, if STT paid on switchover then no carry forward, otherwise u can carry forward upto 8 years for set off
capital loss can be forwarded or not .....for that look into STT payment, if STT paid on switchover then no carry forward, otherwise u can carry forward upto 8 years for set off
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CA PARAS BAFNA
(Expert)
20 July 2011
Yes, it is clear that the old units have been transferred and new units have been purchased in a different scheme. New units are different from the old one in any manner.
It will be a long term capital loss.
It will be a long term capital loss.
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