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investment in shares

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(Querist)
16 July 2011 my friend has deposited cash in various dates and invested in shares. he has claimed that cash is received from clients and he is investing in shares in his name on behalf of client.He is a sub-broker.No proof of sub-broker. What will be the tax effect.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
16 July 2011 Since there is nothing formal about this all the gain from share business would be taxable in the hands of your friend.
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