Profit On Sale Of Listed Shares Held For More Than 12 Months To Be Taxed As Long-Term Capital Gains: ITAT

In a recent ITAT ruling, it was clarified that profit from the sale of listed shares held for more than 12 months should be classified as long-term capital gains (LTCG). The tribunal emphasized that the tax treatment of such gains should align with the provisions set out for LTCG, which generally offers favorable tax rates compared to short-term capital gains. This decision reinforces the tax benefits associated with holding shares for longer durations and aligns with established practices for capital gains taxation.