if some securities (shares) are purchased on 1-1-2009 and sold on 1-1-2010.
then these securities are long term asset?or short term?
please clarify .
thanking you in anticipation.
10 Replies
CA Manoj Tilokani
(JOB)
(163 Points)
Replied 12 November 2010
These are considered as LONG TERM Assets.
yashsaxena
(Managing Director)
(71 Points)
Replied 12 November 2010
I think long term capital gain period is more than one year and Tax rates are 5% for taxpayers in the 10% and 15% tax brackets (zero percent starting in 2008)
Azim Khan ACA,CS,CMA*,LLB*
(Proprietor)
(1312 Points)
Replied 12 November 2010
if purchased on 1/1/2009 then the period of one year ends on 31/12/2009. in your case, the period is ending on 1/1/2010, which is more than 12 months and a capital asset if held for more than 12 months qualify as LONG TERM CAPITAL ASSET.
Sharad Saini
(Student)
(286 Points)
Replied 12 November 2010
for calculation of period ... period is considered from the date of acquisition to the date immediately preceding the date of trf so period of holding in your case is from 1-1-09 to 31-12-09 which is excatly 1 year. One year or less is considered as short term so in your case answer will be SHORT TERM CAPITAL GAIN.....AND NOT LONG TERM CAPITA GAIN
CA Ghanshyam Joshi
(CA, Dip IFR (ACCA UK))
(3229 Points)
Replied 12 November 2010
However, in the case of company shares, various securities listed in a recognised Stock
Exchange in India, units of the Unit Trust of India and of Mutual Funds specified under section
10(23D) or a Zero Coupon Bond, the said assets will be considered as long-term capital
assets if they are held for more than 12 months.
harshshree jaiswal
(CA Final)
(56 Points)
Replied 12 November 2010
i agree with Sharad Sain,.it will be considered as short term capital gain.
CA Lokesh Pokharna
(CA (Ahmedabad Bhilwara Chittorgarh))
(4128 Points)
Replied 13 November 2010
AS PER SEC. 2(42A) -IF ANY ASSETS (OTHER THAN SHARES,SECURITIES,MF UNITS,) HELD FOR MORE THAN 36 MONTHS THEN THESE ASSETS R TREATED AS LONG TERM CAP ASSETS , BUT IN THE CASE OF SHARES THIS TIME LIMIT SHOULD B MORE THN 12 MONTHS......
HENCE IN UR CASE HOLDING PERIOD GOING MORE THN 12 MONTHS HENCE IT SHOULD B LONG TERM CAP ASSETS ,SO LTCG APPLICABLE ON THF. OF THESE SHARES
Prachi Jindal
(CA-Article-Final-Student)
(129 Points)
Replied 13 November 2010
the POH is more than 12 months hence long term capital asset and consequently long term capital gain will arise...!!
Karthik
(student)
(147 Points)
Replied 13 November 2010
| Originally posted by : Sharad Saini | ||
 |
for calculation of period ... period is considered from the date of acquisition to the date immediately preceding the date of trf so period of holding in your case is from 1-1-09 to 31-12-09 which is excatly 1 year. One year or less is considered as short term so in your case answer will be SHORT TERM CAPITAL GAIN.....AND NOT LONG TERM CAPITA GAIN |
 |
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