Audit of Share Transaction
This query is : Resolved
CA Sanjay Baheti
(Querist)
05 August 2010
One of my clients deals in shares on delivery basis his annual turnover for this comes over Rs 40 lacs. However income from these is shown under the head capital gain. my question is whether he is liable to audit or not us 44AB?
Aditya Maheshwari
(Expert)
05 August 2010
If shares are held as investment and captial gains is offered for income then not liable for audit u/s 44AB as there is no business income here.
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