Query for IPO for Funds Transfer

This query is : Resolved

Alay (Querist)
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23 January 2011 If I have applied for shares in IPO from My Savings A/c from my funds in name of my Son in his D.P. A/c.

If he is alloted shares in his DP A/c and I sell those shares in the market, making Profit in his Trading Code on the listing day and I get cheque of his name and deposit the same in his saving a/c.

whether ITO will consider this short term profit in my a/c or my son's A/c ?

It is needles to say that my son will transfer the IPO application money from his a/c to my A/c to Nullify the entry.

Rasesh

Rasesh (Expert)
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23 January 2011 It would be your son's profit.

Message likes : 1 times

K V Subba Rao

K V Subba Rao (Expert)
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23 January 2011 Your son's account only

Message likes : 1 times

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