define short term capital &
long term capital for equity shares of listed companies.
Capital gains
Philip Mathew (113 Points)
25 September 2017
27 Replies
Bharti Makhecha
(31 Points)
Replied 25 September 2017
if hold more than 12 month than ltcg
otherwise stcg
otherwise stcg
Aditya Sharma
(39 Points)
Replied 25 September 2017
Bharti is correct.
In case of listed share it is 12 months
In case of unlisted shares it is 24 months
In case of listed share it is 12 months
In case of unlisted shares it is 24 months
shaikh sajeed
(Associate)
(151 Points)
Replied 25 September 2017
Income from partnership firm for sale of row houses, is it a capitalgain tax to me?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 25 September 2017
are you a partner in the said firm
shaikh sajeed
(Associate)
(151 Points)
Replied 25 September 2017
Yes i am partner in the said firm doing business of land development /construction with my other partners.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 25 September 2017
then the profit from the firm wud get credited to your respective capital account of partners as per the share agreed in the partnership deed and the same wud be exempt in the hands of the partners
shaikh sajeed
(Associate)
(151 Points)
Replied 25 September 2017
& what if i showed my share of plot as a stock in trade... being part of the partnership ..is it correct.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 25 September 2017
this is a matter of dispute as some courts say it is not under the tax ambit and some say it us chargeable to tax if an asset is introduced as stock in the partnership firm.
one thing can be done is first you need to introduce it as an capital asset in the firm and you will be required to pay capital gains tax on it. after that the firm wud convert the said capital asset as stock in trade and then again firm will be required to pay capital gains tax.
please take the opinion of an expert on this
one thing can be done is first you need to introduce it as an capital asset in the firm and you will be required to pay capital gains tax on it. after that the firm wud convert the said capital asset as stock in trade and then again firm will be required to pay capital gains tax.
please take the opinion of an expert on this
shaikh sajeed
(Associate)
(151 Points)
Replied 25 September 2017
then what about my personal balancesheet? stock in trade/capital asset?
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 25 September 2017
that will be not be shown in your balance sheet as you will be paying CG tax. the profit on transfer wud get credited to your p&l
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