Capital Gain
This query is : Resolved
09 March 2009
Mr X filled arbritration application against Mr Y who was declared a defulter by the Stock Exchange Mumbai.The final Award was RS 6,61,503 payable by Mr Y to Mr X alonge with interest @ 18% p.a. from 1-4-1994.
Mr X received RS 22,22060 after deducting TDS of RS 1,99,404.(RS 17,59,961 as interest & RS 6,61,503 as principal)
MR X liable for Capital gain?
CAn mr. X liable for tax under income tax?
Whrer Mr Y was broker & Mr X was Client. Mr Y puchases the stock but not entered in the stock statement of Mr X which was claimed.
Mr X received RS 22,22060 after deducting TDS of RS 1,99,404.(RS 17,59,961 as interest & RS 6,61,503 as principal)
MR X liable for Capital gain?
CAn mr. X liable for tax under income tax?
Whrer Mr Y was broker & Mr X was Client. Mr Y puchases the stock but not entered in the stock statement of Mr X which was claimed.
09 March 2009
Please clarify your case in detail. What is the capital asset sold, for which we need to see Capital Gain Tax.
However Interest Income is taxable in the hands of Mr.X.
However Interest Income is taxable in the hands of Mr.X.
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