long term capital gain

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CA vikash Jain (Querist)
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08 January 2008 one person open an account with broker and deals regularly. the broker hold the shares in pool account and not transfering the same in clents demat account. he hold share for more than one year. if he sales after that whter it will be long term capital gain or it will be short term capital gain as it is placed in pool account.

CA B.S.Sridhar

CA B.S.Sridhar (Expert)
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09 January 2008 As per Income-tax act , the delivery of shares should be prerequisite for considering the same as Capital Gains. If delivery is not taken , it shall be considered as Speculation business. and the profit/loss there in will be dealt accordingly

CA vikash Jain

CA vikash Jain (Querist)
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10 January 2008 mr. sridhar
you mean that if one open account with an broker he in relation to taking benefit of capital gain provision must have to transfer his securities regulary in demate account, if not then it will be treated as speculative bussiness.

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