sale of share

This query is : Resolved

chetan (Querist)
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13 July 2011 (1)whether brokerage exps, service tax exps incurred to earn the short term and long term capital gain is allowed as exps ?

(2) Assessee has taken one loan from NBFC and used this fund to make trading in shares and interest was alos paid on such loan amount . whether this interest paid on loan is allowed as exps. to earn short term and long term capital gain , sir please give me the refrence of RELATED CASE LAW .

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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13 July 2011 Yes the expenses incurred on various taxes, interest for earning short term capital gains are to be adjusted to find out the final Short term capital gains. If you have earned any income which is not chargeable to tax like dividend etc or long term capital gain then the expenses shall be disallowed u/s 14A.

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