CA Intermediate · Taxation · Capital Gains
Meera, a resident individual, sold four capital assets in tax year 2026-27, each on a different date. Which of the assets sold is a long-term capital asset?
The listed equity shares held for 13 months are long-term, because listed securities need a holding of more than 12 months. Unlisted shares, a house and gold jewellery need more than 24 months, so holdings of 20, 22 and 23 months are short-term.
- AListed equity shares of an Indian company held for 13 monthsCorrect
- BUnlisted shares of a private company held for 20 months
- CA residential house held for 22 months
- DGold jewellery held for 23 months
Explanation
Listed securities become long-term after being held for more than 12 months, so 13 months qualifies. Unlisted shares, immovable property and gold jewellery need more than 24 months to be long-term, so 20, 22 and 23 months all give short-term assets.
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