Profit on sale of shares taxable as capital gains if such shares were deemed as investment in prior years.
This query is : Resolved
NARESH NAIDU
(Querist)
16 December 2013
Where most of shares were from brought forward holding from preceding years which had been accepted as investment in earlier years and further assessee was maintaining separate account for investment as well as stock in trade of shares, sale proceeds of such shares were to be treated as capital gains and not business income.
CA PARAS BAFNA
(Expert)
16 December 2013
Definitely Mr. Naydu. Sale Proceeds less Cost of Acquisition will be treated as capital gains. I agree with your view.
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