TAX Applicability For LLP for trading in shares as business
This query is : Resolved
26 May 2011
TAX Applicability For LLP for trading in shares as business
What Would be the Tax liability for LLP having business of trading in Shares .,thatis in Futures and equity both .
Will he be taxed at 30% or 15% STCG?
Can he claim deductions in case of interest on capital,expenses related to trading ?
What Would be the Tax liability for LLP having business of trading in Shares .,thatis in Futures and equity both .
Will he be taxed at 30% or 15% STCG?
Can he claim deductions in case of interest on capital,expenses related to trading ?
CA PARAS BAFNA
(Expert)
26 May 2011
The income will be computed in the manner as
Profits & Gains of Business or Profession in which deductions for interest and trading related expenses can be claimed.
Unless the LLP shows certain scrips as investment, it will be subject to normal tax rates. For showing as an investment, the things are to be maintained in such a manner that proper explanation or distinction can be made in this regard.
Profits & Gains of Business or Profession in which deductions for interest and trading related expenses can be claimed.
Unless the LLP shows certain scrips as investment, it will be subject to normal tax rates. For showing as an investment, the things are to be maintained in such a manner that proper explanation or distinction can be made in this regard.
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