Bonus shares
This query is : Resolved
06 April 2013
I have 100 Units of Mutual Funds costing Rs. 150000/- as on 15.12.11 and after that I have received bonus units 50 on 18.03.12. I sold 80 units on 28.03.12. What cost I should take for Accounting purpose.
For tax it should be on FIFO basis and cost shall be Rs. 120000/- (Rs. 1500 x 80) but for Accounting purpose as per AS-13 it should be Rs. 80000/-.
Whether Rs. 80000/- or Rs. 120000/- please advise.
For tax it should be on FIFO basis and cost shall be Rs. 120000/- (Rs. 1500 x 80) but for Accounting purpose as per AS-13 it should be Rs. 80000/-.
Whether Rs. 80000/- or Rs. 120000/- please advise.
28 May 2013
No in FIFO method you cannot pick and choose. First it will be out of 100 units @ 150/- and after the 100 units are totally sold the cost of Bonus units shall be taken at Zero which means you have to hold the bonus unit for more than 1 year to get 100% exemption
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
- Opting our of sec 44AD
- Form 121 & TDS deduction
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Multiple trade mark
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
