What is the EXACT definition of LTCG with respect to Indian stocks traded on the stock exchanges ?
Is it sell after 1 year or 1 year + 1 day or what ? I tried google and believe it or not, not one article came up with a simple explanation for the definition of LTCG with respect to share transaction on a valid stock exchange.
In my case, I have bonus shares issued by Mphasis BFL on 26/11/2005 for shares originally purchased on say 7/1/2004. If I were to SELL my bonus shares on 27/11/2006 (i.e., on Monday/tomorrow), will I be eligible for Long term capital gains tax (which equals ZERO) or should I have to wait until 28/11/2006 or what ?
For tax purposes, what is the date of acquisition for the bonus shares ? Is it the date of bonus shares (which in my case would then be 26/11/2005) or the date of original purchases (in my case, it would have been 7/1/2004)
2006-11-26
00:50:58
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7 answers
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Anonymous