will it be long term capital ??
if MF purchased on 27/5/2011 and sold on 06/04/2012??
which is method is right for calculation of 12 months regarding longterm capital gain??
1. may 2011 to april2012 = 12 months
2. 27,may 2011 to 26 may 2012
will it be long term capital ??
if MF purchased on 27/5/2011 and sold on 06/04/2012??
which is method is right for calculation of 12 months regarding longterm capital gain??
1. may 2011 to april2012 = 12 months
2. 27,may 2011 to 26 may 2012
The second option is correct.
i feel the first option is correct, bcos it says calendar month, i.e may 2011 to april 2012=12 months.
If the transfer of MFs takes place more than 12 months from the date of acquisition of the MFs, the resultant capital gain or loss will be treated as long term capital gain or loss.
Therefore in the above given case, when the MFs are sold after 27.05.2012, then the resultant capital gain or loss shall be long term capital gain or loss.
Regards,
Devendra Kulkarni
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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