sec.145 & 73
This query is : Resolved
04 February 2009
ear sir/madam,
A company is purchasing & selling regularly shares of listed company. The company is in construction business. My Query is:
1) How to value closing stock of shares? whether AS-2 would be applicable? whether the provision for loss would be made on individual basis or on aggregate basis?
2) Whether the profit/loss on sale of shares should be taxable under the head capital gains or speculative gain as provided u/s 73?
thanks
arjun
A company is purchasing & selling regularly shares of listed company. The company is in construction business. My Query is:
1) How to value closing stock of shares? whether AS-2 would be applicable? whether the provision for loss would be made on individual basis or on aggregate basis?
2) Whether the profit/loss on sale of shares should be taxable under the head capital gains or speculative gain as provided u/s 73?
thanks
arjun
04 February 2009
1) as-2 is not applicable for valuation.
2) it will be speculation income.
2) it will be speculation income.
06 February 2009
it will be speculation income/loss it doesnot amount to investment for capital gain/loss
rds
cavipin garg
partner,
KVR & Co.
Chartered Accountants
B-2/1 Ashish Complex LSC,
New Rajdhani Enclave,
Vikas Marg Delhi-110092
kvrco@in.com
Tax, Assurance, Consultancy, ROC, STPI/ SEZ
Tel :011-22515695
rds
cavipin garg
partner,
KVR & Co.
Chartered Accountants
B-2/1 Ashish Complex LSC,
New Rajdhani Enclave,
Vikas Marg Delhi-110092
kvrco@in.com
Tax, Assurance, Consultancy, ROC, STPI/ SEZ
Tel :011-22515695
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