Amendments in short term capital asset


Amendments in short term capital asset

Created On: | 94 Views

Income Tax
Amendments in the definition of short term capital asset [section 2(42A)]

Amendments in the definition of short term capital asset [section 2(42A)][w.e.f. A.Y. 2015-16]

 

 

(A in the proviso, with effect from the 1st day of April, 2015,

 

 

 

 

 

 

(i)  for the words "a share held in a company or any other security listed in a recognised stock exchange in India", the words and brackets "a security (other than a unit) listed in a recognised stock exchange in India" shall be substituted;

 

 

 

 

 

 

(ii)for the words, brackets, figures and letter "a unit of a Mutual Fund specified under clause

(23D) of section 10", the words "a unit of an equity oriented fund" shall be substituted;

 

 

 

 

 

(B)  in the Explanation 1, in clause (i), after sub-clause (hb), the following sub-clause shall be inserted with effect from the 1st day of October, 2014, namely:

 

 

 

"(hc) in the case of a capital asset, being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee;

 

 

 

(C after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April,

2015, namely:


 Explanation 4.For the purposes of this clause, the expression "equity oriented fund" shall have the meaning assigned to it in the Explanation to cla
use (38) of section 10;'.

 

 

 

back

take a break

Subscribe to our Newsletter for Latest News & Updates.