Cpital gain

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ganesh nikam (Querist)
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17 January 2012 for determination of long or short term capital assets in some cases period is taken 36 months & in some cases 12 month. in second category only govt. securities should quoted on stock exchange. why this provision is not applicable to shares

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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17 January 2012 Section 2(42A) defines short term capital asset.

As per Section 2(42A), short term capital asset means a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer.

It further provides that in case of
(i)share held in a company or
(ii)any other security listed in a recognised stock exchange in India or
(iii)a unit of the Unit Trust of India or
(iv)a unit of a Mutual Fund or
(v)a zero coupon bond

the period shall be 12 months.

So, if a share(listed or unlisted) is held for more than 12 months it shall be long term capital asset and not short term capital asset.

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ganesh nikam

ganesh nikam (Querist)
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17 January 2012 thank u sir

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