31 December 2009
The main question here is which shares should constitute closing stock. According to Income Tax you should follow First in First Out (FIFO). According to this method your closing stock consist of 35 shares purchased @ Rs.62. So your profit will be: Sales Price (75x52)+(10x54) =Rs.4440 Less Purchase price(50x50)+(35x62)=Rs.4670 Loss =Rs. 230
09 January 2010
we purchase share 50 lac in abc company in off market.but share not transfer in my demat a\c. i say all shares adjuste in margin a\c, today income tax notice pls proof thease shares are purchase so plese advice me.
11 January 2010
There must be an agreement when you purchased these shares. If you did not get them transferred to your Demat a/c, then whom you gave as adjust towards margin. Please clarify these points, then we can think of some proof etc.
CAclubindia
