Profit or loss on share trading
This query is : Resolved
10 September 2013
sir i am a Share Broker having number of accounts of clients. i have one client who did a trade and could not match the balance in accounts , so i did that trade in my own trading account taking SOME AMOUNT CHEQUE from client. Now profit or loss belongs to m or him , if i return his principle and profit/ loss by cheque.
10 September 2013
in simple words im share broker took 10000/- cheque from Mr X and deposited inn my own trading account. then i booked profit of 2000/- in my trading account & returned 12000/- to Mr X. Now question is can i make X responsible for income TAX ?
10 September 2013
All STT and other taxes are in my name, client X is ready to show profit in his ITR
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
- TDS applicability in case of software payments to a foreign company
- Tax on Goodwill on LLP
- Procedure to surrender export incentive
- Registration of Articleship
- Reverse charge on commercial property
- Update ITR
- Slight spelling change in PAN Surname
- 26Q TDS UTILITY IN NSDL TIN LATEST UTILITY DOWNLOAD LINK
- Regarding Section 40A
- Income Tax Slab Rate and 87A Rebate
- Can LLP enter into a contract after incorporation (i.e. FiLLiP approval) but before filing Form 3?
- GST INVOICE RAISED BY THE FRADULENT COMPANY WITHOUT THE KNOWLEDGE OF THE OTHER PARTY
- First Auditor was not appointed till 9 months
- Doing Jobworks eway bill is mandatory or not
- GST on Co-Operative Housing Society
- Filing of forms on MCA portal for allotment of shares for a new company
- RCM Reconciliation Excel Sheets Format
- Goodwill realeted
- Revision under Section 264 in The Income Tax Act, 1961
- Trial balance matching
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
