regarding share market - STCG
This query is : Resolved
18 September 2010
if mr x has purchased 1000 listed Share of XYZ Co.LTD for Rs. 10 per share on(say 01.04.2010)
in next 6 month (say 1.10.2010) its Market price jump to Rs. 100 per share
now on 01.10.2010 if Mr.x gives the above share to Mr.Y(friend of Mr.x) on LOAN (With or Without Consideration)
Mr.Y sell same @ Rs. 100. on 2.10.2010
and on 31.03.2011 Mr.Y purchase same from Market @ 110 and repaid his Loan of 1000 share to Mr.x
and Mr.x sell his 1000 share @ 112 per share on 2.04.2011
wat will be tax consequence for Mr.X and Mr.y
plz reply
if mr x has purchased 1000 listed Share of XYZ Co.LTD for Rs. 10 per share on(say 01.04.2010)
in next 6 month (say 1.10.2010) its Market price jump to Rs. 100 per share
now on 01.10.2010 if Mr.x gives the above share to Mr.Y(friend of Mr.x) on LOAN (With or Without Consideration)
Mr.Y sell same @ Rs. 100. on 2.10.2010
and on 31.03.2011 Mr.Y purchase same from Market @ 110 and repaid his Loan of 1000 share to Mr.x
and Mr.x sell his 1000 share @ 112 per share on 2.04.2011
wat will be tax consequence for Mr.X and Mr.y
plz reply
19 September 2010
how one can sell something which doesn't belong to him. pl. clarify the facts in detail, alongwith nature of documents executed between two friends. in these circumstances, in my opinion, all profit will belong to X as the shares might have been travelled through his dmat account only.
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
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- About TDS & Income Tax
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Upload Level ValidationITR3Category of Defect B/D
- Not able to file ITR
- Building tax payment deduction in rental Income
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
