Period of holding calculation

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Romesh gupta (Querist)
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05 January 2017 Sir/madam, i want to know is "date of acquisition" and "date of transfer" both are includible in period of holding? if not ..what is real treatment for calculations of holding period. plz give legal support also. thanks in advance

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2017 Assuming date of acquisition 01/01/2016 and date of transfer 15/01/2016. Then period of holding is 14 days. Is it ok?

(The court judgement says that a window of 24 hours is considered as a DAY. OF course, this decision is pertaining to number of days stay in India, for residential status calculation.)

Romesh gupta

Romesh gupta (Querist)
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05 January 2017 sir, is there any circular of CBDT in this regard?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2017 As such NO.
As I said, it is for residential status. Just see the article for crew member
https://blog.cleartax.in/new-residential-status-rule-for-indian-citizens-who-are-crew-on-an-indian-ship/

(May I know your EXACT case regarding your query?

Romesh gupta

Romesh gupta (Querist)
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05 January 2017 sir, i am a student of ca final while reading Capital gain chapter this query comes into

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2017 Oh! That is great.
See the convention is......when the word used in any section is e.g. say "year", we need to calculate by year. No more counting the months or days....if 360 or 365 or 366, for that matter, is immaterial. ok? e.g. within a period of three years from the date of transfer means, assuming date of transfer to be 07/03/2016, on or before 06/03/2019. Three years are completed at the midnight of 06/03/2019. From 07/03/2019, the fourth year starts. ok?
Now tell me your contention on this.

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