Hi friends.....
This is regarding a "SHARE BROKING COMPANY".... The company had converted its stock in trade ( shares& securities ) into Investments during the Beginning of the F.Y.2009-10 and those shares converted as investments were sold within 4 months of its conversion. The original date of acquistion of shares in the status of stock was around 3 years back... So for calculation of Capital gains will it be considered as SHORT TERM CAPITAL GAIN or LONG TERM CAPITAL GAIN. Whether the date of Initial acquistion or date of conversion should be considered??
I think it should be LONG TERM CAPITAL GAIN.... am i r8??
CAclubindia
