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(Querist)
04 October 2015 Sir, if a person purchases shares on cum- right basis, and further sell his right, then what to do - whether to assume it a capital receipt to decrease cost of investment or profit to carry it in profit and loss account .
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 October 2015 for accountancy : it is a capital receipt. However for income tax, it is capital gain.
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Kapil Goyal

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Kapil Goyal (Querist)
04 October 2015 Thank you, but under module and acc. to AS 13 it is considered as profit and loss item



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Amol S Joglekar

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Amol S Joglekar (Expert)
05 October 2015 Can you please quote the relevant text of AS 13, please?

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