CDSC had requested the revenue department to clear the three confusions including ‘if an investor holds the stock for less than 365 days it is called short-term if he/she hold them for more than 365 days, it is long term, what will be the term if the stock has holding period of exactly 365 days?’, ‘Whether to continue weighted average calculation method or not or whether to give the investors an opportunity to self-declare their capital gain tax or not?’, ‘Mutual fund to be taxed or not?’.
According to Purna Prasad Acharya, CEO of CDSC, these questions have been answered by Revenue Department.
The department has directed CDSC to consider the trading that takes place in exactly 365 days as short term, to continue the weighted average calculation method however to give rights to the investors to choose if their trading is long-term or short-term and not to tax mutual fund as announced in the budget speech.
Following the clearance of the issues, CDSC has initiated the process of technical change in its system. As per Acharya, the changes will be implemented from the very first day of the upcoming FY.
