Speculative Income in Shares Trading

This query is : Resolved

Sanjai bhadouria (Querist)
Follow

07 April 2022 I had 100 shares of GTPHATHWAY in DEMAT on 06 Jan 2021
I sold 100 shares allocating from DEMAT on 14 Jan 2021 at 09:30 AM
I bought 30 new GTPHATHWAY shares on 14 Jan 2021 at 11:25 AM
My query is that
Is 100 shares purchased on 4 jan 2021 will be debited from DEMAT
or
70 shares purchased on 6 Jan 2021 and 30 shares purchased on 14 Jan 2021.
Is this will have speculative income in capital gain statement.?

Any rule/guideline may be shared.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 April 2022 You sold 100 shares of your holding by 9.30 am .
This 100 shares will be debited in your demat account on 14th Jan 21 same day of sale.
Your purchase of 30 shares will be credited to your demat account after 2 or 3 days.
Hence this is not a speculative transaction.

Sanjai bhadouria

Sanjai bhadouria (Querist)
Follow

08 April 2022 This is my case with icici direct.they have sold 70 share from demat and 30 shares sold , which was cash purchased on same day .
In this way 30 shares buy and sell considered intezaar and created speculative income.
I protested that this is cash buy hence cannot be adjusted with sale of share from demag.but they do not agree.
What is further action advisable by expert?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

08 April 2022 You don't consider it as speculative income in your ITR.

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