26 November 2007
Hi If a share is purchased on 1-1-2006 & sold on 1-1-2007, will it give rise to short term capital asset & long term capital asset? In other words, I'd like to know while calculating period of holding for capital gains computation,whether day of sale is included or excluded in terms of section 2(42A) of the IT Act?
26 November 2007
its 12 months i.e. it will be from 01-01-06 till 01-01-07 both day inclusive hence inn your case if u sell share on 01-01-07 than its short term and if u sell after 01-01-07 than its long term
CAclubindia
