Transcription of Circular No.6/2016 Government of India
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Circular No.6/2016 Government of India
,NewDelhi,the29t hofFebruary,2016 Sub: Issueoftaxabilityofsurpluson saleofshares andsecurities- Capital Gainsor BusinessIncome -Instructionsinorderto reducelitigation- (14)ofSection 2oftheIncome-taxAct, 1961('Act')defines theterm"capitalasset" to includepropertyofany kind held by anassessee,whetheror notconnectedwithhisbusiness orprofession,butdoesnotinclude anystock-in-tradeor personal assetssubjecttocertainexceptions. As regards shares andothersecurities, the same can be heldeitheras capitalassets orstock-in-trade/tradingassets or particularinvestmentinshares orothersecurities,whetherthe same is in thenatureofa capitalasset orstock-in-trade, isessentially afact-specificdeterminationand has led to alototuncertaintyandlitigation in the the years, thecourtshave laiddowndifferentparameters todistinguishthe
securities, opts to treat them asstock-in-trade,the income arising from transfer of such shares/securities would be treated as its business income, b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the
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