Question ID : 2701

Long term capital asset

Sir,

As per Sec 2(42A) SHARES HELD A COMPANY OR ANY OTHER SECUIRTY LISTED A RECOGNISED STOCK EXCHANGE DIA OR A ......, THE WORDS 36 MONTHS WILL BE SUBSTITUTED TO 12 MONTHS.

IS THE ABOVE APPLICABLE ONLY ON SHARES OR SECURITIES LISTED RECOGNISED STOCK EXCHANGE DIA.

WHAT ABOUT THE SHARES HELD A PRIVATE COMPANY. IF THEY ARE SOLD AFTER A PERIOD OF 12 MONTHS WILL IT BE A LONG TERM CAPITAL ASSET OR A SHORT TERM CAPITAL ASSET. '

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