tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 November 2009 why be sale of assets used for scientific research should be consider I.F.B not a capital gain
in which situation arising a I.F.B U/S 41(3)

shakuntala chhangani

shakuntala chhangani (Expert)
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23 November 2009 Hi, it is because the deduction is allowed u/s 35 (income from business & profession), hence the charging should also be under the same head. Regards, CA Shakuntala Chhangani

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2009 hi sir thanks ..............
my one Q, is if company trading or mfg characteristic they written in our article or memorandum when ever they need they will business for trading stock or shares in part of there the business but this is characteristic not help of carry forward of losses Against, law considered they are speculation of business but actually buying and selling a shares not speculations .............

shakuntala chhangani

shakuntala chhangani (Expert)
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24 November 2009 Hi, firstly don't change my gender pls (sir). Coming to your Q, selling / purchasing a share is speculative if u do the transaction without taking the delivery in which case it will be business income (as the same is mentioned in the memorandum). if you take the delivery and then sell the same, the resultant profit/loss will fall under the heading capitral gains but in ur case it will be business income if the trading is done in the normal course of business. it will be considered as stock n also you will be allowed to carry forward business loss. regards,
CA Shakuntala Chhangani

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2009 thanks mem..................................... sorry form misunderstanding i forget and wrongly written a sir in respect of madam
against sorryyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy
thanks for reply my Query

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