Capital Gain
This query is : Resolved
Vatsal Sanjiv
(Querist)
10 March 2010
Respected Members..
Plz clearify my point regarding Capital Gain on shares.
It goes like this..
Q1-An assesee is having 2 demat account with 2 diff parties ie. STCI and SMC, shares purchased by STCI are sold normally thru SMC and after the sales is made a DIS(delivery instrument slip) is issued by STCI. My question is whthr the capital gain arising out of such sale is to be accounted in STCI or in SMC.
Q-2 Taking up the same question.. what we have to do in the following situation.
STCI
*date 15-04-06 1200 shares @ 10
SMC
15-06-2008 500 shares @ 11
*trf from STCI on 15-08-2008 700 shares
*sold thru SMC 700 shares @ 12.50 on 15-08-2008
Now
whthr 700 @ 1.50=1050.00 will b long term cap gain from STCI
or will it be
500*1.50=750.00 (short term cap gain from SMC)
200*2.50=500.00 (Long term cap gain from STCI)
Kindly provide relevent section, circular, case law for the above situation
Plz do refer circular no 768
Thanks in Advance
Plz clearify my point regarding Capital Gain on shares.
It goes like this..
Q1-An assesee is having 2 demat account with 2 diff parties ie. STCI and SMC, shares purchased by STCI are sold normally thru SMC and after the sales is made a DIS(delivery instrument slip) is issued by STCI. My question is whthr the capital gain arising out of such sale is to be accounted in STCI or in SMC.
Q-2 Taking up the same question.. what we have to do in the following situation.
STCI
*date 15-04-06 1200 shares @ 10
SMC
15-06-2008 500 shares @ 11
*trf from STCI on 15-08-2008 700 shares
*sold thru SMC 700 shares @ 12.50 on 15-08-2008
Now
whthr 700 @ 1.50=1050.00 will b long term cap gain from STCI
or will it be
500*1.50=750.00 (short term cap gain from SMC)
200*2.50=500.00 (Long term cap gain from STCI)
Kindly provide relevent section, circular, case law for the above situation
Plz do refer circular no 768
Thanks in Advance
CA. Anoop Gadia
(Expert)
15 July 2010
500*1.50=750.00 (short term cap gain from SMC)
200*2.50=500.00 (Long term cap gain from STCI)
this is right.
200*2.50=500.00 (Long term cap gain from STCI)
this is right.
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