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Shares

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(Querist)
15 December 2013 what would be the taxability if the share application is sold to the broker ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
15 December 2013 In general, the shares alloted in the application are capital asset and are in the name of the applicant. Selling the application means transferring such shares to the broker. In my view, the applicant will be liable to short term capital gain.
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Selling applications without allotment-
Any premium so received may be treated as business income.
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