captal gain

Save Share

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

U S Sharma (Expert)
Follow

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

Message likes : 1 times

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!