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
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