accounting of shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2010
Hi
Respected Sir.
Can any one tell me sir?
If a person totally engaged in buying and selling of shares for 1 weeks then whether he can show such income as business?
If not then why whether it is written and if it written then in what section of income tax act.
Respected Sir.
Can any one tell me sir?
If a person totally engaged in buying and selling of shares for 1 weeks then whether he can show such income as business?
If not then why whether it is written and if it written then in what section of income tax act.
02 August 2010
There is a Section 43(5) which defines the word Speculative Business under Income Tax Act, 1961. To know whether sale and purchase of shares shall be considered under business income or Capital Gain will depend upon the intention for which shares were purchased. If shares were purchased for investment purpose and then sold. In such a case it shall be considered under Capital Gain. However, if shares are purchased to earn profit by using fluctuations in the prices then they shall be considered under business income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Reprocessing of rectification order AY 2025-26
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Putting a heading on received mail
- Section 50-fixed asset-->building ceases to exist
- Foreign lottery ticket bought online from India: legality, tax and consequences
- TDS on TRUST
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
