Shares income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2011
one of our client is having income from business & profession and he is also dealing in shares but in individual name not in firm name on regular basis.
can we still show his income from shres transcation undre capital gain or is it necessary to show as B&P income?
Also one of our client is dealing in shares in firm name along with their usual work of trade then in such case income from shares can be shown under capital gain head?
plz sugeest as LTCG on shares is exmept
can we still show his income from shres transcation undre capital gain or is it necessary to show as B&P income?
Also one of our client is dealing in shares in firm name along with their usual work of trade then in such case income from shares can be shown under capital gain head?
plz sugeest as LTCG on shares is exmept
01 November 2011
Q.- one of our client is having income from business & profession and he is also dealing in shares but in individual name not in firm name on regular basis.
can we still show his income from shres transcation undre capital gain or is it necessary to show as B&P income?
Reply-
It is not always necessary that the income from Share Transactions has to be shown as B&P income.
It depends upon the manner in which the assessee deals. Suppose he purchases 500 shares and keeps it for 1 month or more. It can be said as an investment activity.
If he regularly makes high value transactions, in compare to his investment, and frequently deals in number of scrips, then the activity may be treated as Trading Activity.
can we still show his income from shres transcation undre capital gain or is it necessary to show as B&P income?
Reply-
It is not always necessary that the income from Share Transactions has to be shown as B&P income.
It depends upon the manner in which the assessee deals. Suppose he purchases 500 shares and keeps it for 1 month or more. It can be said as an investment activity.
If he regularly makes high value transactions, in compare to his investment, and frequently deals in number of scrips, then the activity may be treated as Trading Activity.
01 November 2011
Q- Also one of our client is dealing in shares in firm name along with their usual work of trade then in such case income from shares can be shown under capital gain head?
.
Reply-
.
The same thing applies here.
If the shares are kept with the intention of investment, capital gains can be shown on sale.
.
Reply-
.
The same thing applies here.
If the shares are kept with the intention of investment, capital gains can be shown on sale.
Message likes :
1 times
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
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Nomination of Bank for refund in itr 2
- Rent lease agreement
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Relief u/s Section 89
- REGARDING SECTION 44AE
- Entries in AIS regarding sale of units and shares
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
