Short-term capital asset classification changed for immovable property, and predecessor holdings now count for share and unit transfers. Amendments revise the short-term capital asset definition by reducing the holding-period threshold for immovable property to less than twenty-four months and expand the Explanation to include predecessor holding periods: inclusion of preference-share holding periods when equity shares arise by specified transfers, and inclusion of consolidating-plan unit holding periods when units arise by specified consolidations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Short-term capital asset classification changed for immovable property, and predecessor holdings now count for share and unit transfers.
Amendments revise the short-term capital asset definition by reducing the holding-period threshold for immovable property to less than twenty-four months and expand the Explanation to include predecessor holding periods: inclusion of preference-share holding periods when equity shares arise by specified transfers, and inclusion of consolidating-plan unit holding periods when units arise by specified consolidations.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.