Share Investment Expenses

This query is : Resolved

Prakash Jasani (Querist)
Follow

06 June 2008 Dear Experts,

Whether following share investment expenses allowable as per I.T. act? under the heads of business & profession ,while preparing computation of income.

1)STT paid on Share & Securities
2)Expenses paid on Share & Securities
3)Expenses paid on Share - F & O
4)Portfolio management Charges

AND

Interest received on FD & Interest received on income Tax whether taxable or not? under the heads of business & profession.

Pls.solve my queries asap.

Regards,
Prakash Jasani
6th June 2008

Tarun Gupta

Tarun Gupta (Expert)
Follow

07 June 2008 1) If u r in the business of pur or sale of share than u can claim STT as a rebate U/s 88E otherwise not.

2)Expenses paid on Share & Securities- if pur for Investment purpose than added it in ur investment cost.

3)Expenses paid on Share - F & O - As discuss above
4)Portfolio management Charges- u can claim it as a exp.

AND

Interest received on FD - taxable under the head of other sourses
Interest received on income Tax - as discuss above.
Thanx

Prakash Jasani

Prakash Jasani (Querist)
Follow

07 June 2008 Dear Experts,

One of our client doesn't want to add back or less share expenses in investment cost, while purchase or sales of shares.So in this case can I disallowable this expenses?

Regards,
Prakash Jasani

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now