Demat
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2012
My question is that,i want to open a DEMAT account and my friends and relatives want to trade in my account itself since they dont want to open a new account right now but problem is that one of my uncles told me that it creates a problem in future from income tax department because they will ask how you traded all these transactions and what is the source like that he warned me. But as i think trading in demat is completely legal and white.So please suggest me really it creates a problem as my uncle told or i can proceed please solve my problem.Whether i have to allow them to trade in my account or not.
02 June 2012
The persons who want to trade through your account have consulted with their respective uncles who all advised their nephews not to open a Demat A/c in their own names as the transactions in demat account may be questioned by ITD.
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Like your uncle, those uncles are also experienced and matured.
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A Demat Account in your name can not be used by others like other personal objects.
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In spite of allowing them to operate through your account , you may help such persons in opening a Demat A/c in their respective names.
.
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Like your uncle, those uncles are also experienced and matured.
.
A Demat Account in your name can not be used by others like other personal objects.
.
In spite of allowing them to operate through your account , you may help such persons in opening a Demat A/c in their respective names.
.
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