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Ltcg period and effective date

Tax queries 314 views 4 replies

Mahesh

CA Job

24 Points Joined March 2007

Dear sir

For LTCG Holding period is reduced from 36 months to 24 months. But in finance bill i read these changes are effective from 1st April 2018 and are effective for the AY 2018-19?. If it is effective from April 2018 the AY has to be 2019-20.

Can anyone clarify this

Thanks and Regards

Mahesh

Replies (4)

Studentsca

CA Practice

3577 Points Joined September 2012

As per section 2 of the Finance Act 2017 it is applicable from 1st April 2017 onwards unless specifically provided. The reason why it is written from 1st April 2018 onwards is because it would be relevant for Assessment Years beginning from that date onwards.