ACCOUNTING OF PMS
This query is : Resolved
08 May 2021
How to do accounting of Investment in PMS?
How to calculate tax in case of partial withdrawal from PMS?
How to calculate tax in case of partial withdrawal from PMS?
24 September 2021
Courts have held that transactions carried out by the PMS Manager are in the nature of transactions for maximization of wealth rather than withdrawing the profits on appreciation in value of shares. Since the taxpayer was engaged in systematic activities of holding portfolio through the PMS Manager, it could not be said that the main object of holding the portfolio was to make profit by sale of shares during the course of its investment activities. With this view, profit from PMS can be characterized as “Capital Gain” income. One can place reliance on the following cases:
Salil Shah Family P. Trust vs. ACIT [2013] 36 taxmann.com 543 (Mumbai ITAT.)
KRA Holding & Trading Pvt. Ltd. vs DCIT 2011 (5) TMI 498 (Pune ITAT)
Salil Shah Family P. Trust vs. ACIT [2013] 36 taxmann.com 543 (Mumbai ITAT.)
KRA Holding & Trading Pvt. Ltd. vs DCIT 2011 (5) TMI 498 (Pune ITAT)
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