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

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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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

CA HIREN JOGI (Expert)
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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

CA. Anoop Gadia (Expert)
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07 August 2011 it can be go with capital account addition and sell of such old shares also exempt LTCG.

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