ROLLOVER OF CAPITAL GAINS- PRESENT LAW VS DIRECT TAX CODE

Posted: 14 Jan 2011 08:22 PM PST

Under the Income-Tax Act, 1961 (the extant law), one can legitimately avoid tax on capital gains only if the asset transferred is a long-term capital asset giving rise to a long-term capital gain and should have been held for a minimum period of three years before its transfer unless the capital asset happens to be shares or units or any other security listed in a recognised stock exchange in...

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