TMI BlogTypes of Capital AssetX X X X Extracts X X X X X X X X Extracts X X X X ..... lowing cases, an asset held for not more than 12 months, is treated as short term capital asset (i) a security (other than a unit) listed in a recognised stock exchange in India; (ii) a unit of an equity oriented fund; Equity oriented fund means a fund set up under a scheme of a mutual fund specified u/s 10(23D) or under a scheme of an insurance company comprising unit linked insurance policies to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed with reference to the annual average of the monthly averages of the opening and closing figures. In case of a scheme of an insurance company comprising unit linked insurance policies to which exemption u/s 10(10D) does not apply on account of the applicability of the fourth and fifth provisos of section 10(10D), the minimum requirement of 90% or 65%, as the case may be, is required to be satisf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... months ( instead of 36 months) immediately preceding the date of transfer. (Third proviso to sec 2(42A) ) C . Immovable property being Land or Building or both to be considered as short term if held for a period not more 24 months. Hence, long term if held for a period exceeding 24 months instead of 36 months. (Third proviso to section 2(42A) ) The capital gains arising from transfer of units of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of investment is decided upfront. prior to the amendment made by the Finance (No.2) Act, 2014 units of a mutual fund under the Fixed Maturity Plans (FMPs) held for a period of more than twelve months qualified as long term capital asset. The amendment in sub-section (42A) of section 2 of the Act by the Finance (No.2) Act, 2014 required the period of holding in case of units of mutual fund [ other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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