in case of listed securities if they are held for not more than 12 months before their transfer they are "Short term capital gains" - becasue they r financial assets.
what about "non listed securities" ? are they financial assets or not? period of holding is 12 months or 36 months for determination of short term or long term capital gains?
05 November 2008
Non listed securities held for <12 months is short term capital asset.Pl refer section 2(42A) of the income tax act,1961 and section 2(h) of the securities contracts (regulation) act,1956.
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