Short Term Capital Gain Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 May 2011
Dear Sir, I am starting a new business where I would be dealing only in Intraday & Delivery Purchase & Sale of Shares & Stocks through Sharekhan. Now kindly assist me whether
(i) Should I start up the same in name of a proprietorship Firm or an individual.
(ii) Can I save Short Term capital Gains by showing a proprietorship Firm wherein stocks held would be shown as Stock in trade.
(iii) If no, what is the procedure of saving Short Term Capital Gain tax on Trading in Shares & Stocks.
I am also a partner of a pertnership firm which was opened in 2010.
Please assist me. My no is (+91) 8822196636. I also require a Chartered Accountant as my Trading would cross the Audit Limit. Plz assist me at the earliest.
Regards, Soumitra Sengupta, (Guwahati).
(i) Should I start up the same in name of a proprietorship Firm or an individual.
(ii) Can I save Short Term capital Gains by showing a proprietorship Firm wherein stocks held would be shown as Stock in trade.
(iii) If no, what is the procedure of saving Short Term Capital Gain tax on Trading in Shares & Stocks.
I am also a partner of a pertnership firm which was opened in 2010.
Please assist me. My no is (+91) 8822196636. I also require a Chartered Accountant as my Trading would cross the Audit Limit. Plz assist me at the earliest.
Regards, Soumitra Sengupta, (Guwahati).
23 May 2011
In spite of being a partner, you may start trading in shares. Shares held can be shown as stock in trade.
*
It does not matter whether you are doing business in Individual name or in Proprietorship firm.
*
The idea to do business in a Prop. firm is better looking towards the fact that you want to show the business as trading in shares only. By doing so claim of business expenses can be justified comfortably.
*
It does not matter whether you are doing business in Individual name or in Proprietorship firm.
*
The idea to do business in a Prop. firm is better looking towards the fact that you want to show the business as trading in shares only. By doing so claim of business expenses can be justified comfortably.
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