Demat account opening.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 February 2013
There has been a PARTNERSHIP FIRM with two partners namely HUF and Ind
Q.1 can this partnership firm make investment in stock market ( Listed seurities )?
Q.2 and if yes than depositry are not opening DEMAT ACCOUNT in the name of partnership firm they are opening d mat account only in the joint name of partners?
Q.3 what are the tax implications ( Long term and short term capital gain ) on equity shares if firm invest in listed shares
Q.4 wheather long term capital gain benifits are available to patnership firm or not?
Q.5 can assessing officer disallowed said long term capital gain on the ground of non existance of d mat account in the name of firm?
Q.1 can this partnership firm make investment in stock market ( Listed seurities )?
Q.2 and if yes than depositry are not opening DEMAT ACCOUNT in the name of partnership firm they are opening d mat account only in the joint name of partners?
Q.3 what are the tax implications ( Long term and short term capital gain ) on equity shares if firm invest in listed shares
Q.4 wheather long term capital gain benifits are available to patnership firm or not?
Q.5 can assessing officer disallowed said long term capital gain on the ground of non existance of d mat account in the name of firm?
17 February 2013
Answer 1, Yes, a partnership firm definitely can invest in stock markets
Answer 2, Depository can not say no for opening a demat account in the partnership name
Answer 3 tax implications remain same as in case of any other category of persons. LTCG is exempt. STCG taxable.
Answer 4 LTCG benefits are available for partnership firm
Answer 5 The issue of LTCG exemption won't arise in absence of demat account.
Answer 2, Depository can not say no for opening a demat account in the partnership name
Answer 3 tax implications remain same as in case of any other category of persons. LTCG is exempt. STCG taxable.
Answer 4 LTCG benefits are available for partnership firm
Answer 5 The issue of LTCG exemption won't arise in absence of demat account.
07 August 2016
beg to differ. demat cannot be opened in name of partnership firm. it has to be through partner that the dp is opened.
A Partnership firm cannot be a member of a Company. The membership has to be in the name of the partners of the firm. There is a clarification from the Department of Company Affairs stating that "a firm, not being a person cannot be registered as a member of the Company
A Partnership firm cannot be a member of a Company. The membership has to be in the name of the partners of the firm. There is a clarification from the Department of Company Affairs stating that "a firm, not being a person cannot be registered as a member of the Company
07 August 2016
thanks for updating a very old query. You are right to the extent of name in which the account shall be opened. It shall be in the name of Authorized partner.
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
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- TDS related Query_Liquidated Damages
- Long Term Service award taxability in hands of company
- Free lancer income
- NON- SUBMISSION OF LLP FORM 3
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Form 27Q Correction statement taking too long to update on IT Portal
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
