accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2010
sir
i wanted to know about the acounting of share trading through demat account for small investors
how it is reflected in the statements of the investor
in a case before me an income tax assesse aged about 58 years has been holding shares since long back, did not bring his share holding into his accounts
due to ignorance.
now he wants to incorporate those into his accounts, what are the ways for this.
please explain it with an illustration
i wanted to know about the acounting of share trading through demat account for small investors
how it is reflected in the statements of the investor
in a case before me an income tax assesse aged about 58 years has been holding shares since long back, did not bring his share holding into his accounts
due to ignorance.
now he wants to incorporate those into his accounts, what are the ways for this.
please explain it with an illustration
12 December 2010
Wooohhh man, a real expert query.., really good one... I think it should be routed thru the CAPITAL account or general reserve.... But not sure at all, let some expert reply its correct treatment, looking forward for best answer.... And also wondering about amount to be shown in accounts, will it be cost (as its long term) or the current market price (as its entered now)...
CA HIREN JOGI
(Expert)
13 December 2010
Yes Dhirajji, I also think the same that it will be have to be routed through the Capital Account. Let others also post their opinion on this subject.
CA. Anoop Gadia
(Expert)
07 August 2011
it can be go with capital account addition and sell of such old shares also exempt LTCG.
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