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debt fund

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 July 2010 The criteria for the debt fund to qualify as a long term capital asset should be 1 year or 3years?????
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Akhil Agrawal

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Akhil Agrawal (Expert)
07 July 2010 it will be one yr as per (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

Provided that in the case of a share held in a company [or any other security listed in a recognised stock exchange in India or a unit of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963) or

a unit of a Mutual Fund specified under clause (23D) of section 10]

[or a zero coupon bond], the provisions of this clause shall have effect as if for the words “thirty-six months”, the words “twelve months” had been substituted.]
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
07 July 2010 It would be one year only.
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Akhil Agrawal

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Akhil Agrawal (Expert)
07 July 2010 month or yr
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
07 July 2010 post modified. thank u for correcting me.
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