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TMI BlogTypes of Capital AssetX X X X Extracts X X X X X X X X Extracts X X X X ..... mmediately prior to its date of transfer. However, A. As per the first proviso in the following cases, an asset held for not more than [12 months 24 month (w.e.f. 23-07-2024 Substituted vide Finance (No. 2) Act, 2024 ], is treated as short term capital asset- (i) a security [(other than a unit) (w.e.f. 23-07-2024 Omitted vide Finance (No. 2) Act, 2024 ] listed in a recognise ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeds in the equity shares of domestic companies listed on a recognised stock exchange; and (ii) in any other case, a minimum of 65% of the total proceeds of such fund is invested in the equity shares of domestic companies listed on a recognised stock exchange. The percentage of equity shareholding or unit held in respect of the fund, as the case may be, shall be computed with reference to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st day of June, 2005; (b) in respect of which no payment and benefit is received or receivable before maturity or redemption from infrastructure capital company or infrastructure capital fund or infrastructure debt fund or public sector company or scheduled bank; and (c) which the Central Government may, by notification in the Official Gazette, specify in this behalf. [ Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansfer of short capital assets irrespective of the period of holding of such assets. This is provided section 50AA. Long term capital asset: An asset other than short term capital asset is regarded as a long term capital asset. [ Section 2(29AA) ] Thus, a capital assets held by an assessee for more than 24 month immediately preceding the date of its transfer is a long-term capital asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... long term capital gain. * As a result, gains arising out of any investment in the units of FMPs made earlier and sold/redeemed after 10.07.2014 would be taxed as short term capital gains if the unit was held for a period of 36 months or less. to enable the FMPs to qualify as long term capital asset, some Asset Management Companies (AMCs) administering mutual funds have offered extension of the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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