Taxability of shares
This query is : Resolved
03 August 2011
please tell me....what is the difference between mcx and stock exchange.....
whether all the persons dealing in stock exchange or mcx whether directly or indirectly are liable to paying tax on capital gain arising from the sale of shares or commodities..or for taxation purpose the person must be registered.....???
whether all the persons dealing in stock exchange or mcx whether directly or indirectly are liable to paying tax on capital gain arising from the sale of shares or commodities..or for taxation purpose the person must be registered.....???
04 August 2011
mcx is Multy Commodity Exchanges where derivatives of commodities are traded.
.
Stock Exchange are meant of trading in securities like shares, debentures, other securities & derivatives of shares
like futures & options.
.
For dealing in these exchange one person must be registered as a client with any of the brokers engaged in the exchanges.
.
Capital Gains or Business Income etc are
not directly paid through exchanges but the Account holder has to show such income in his own return of Income..
.
Exchanges also charges certain taxes bases on transaction values like STT, Service Tax, Stamping Charges etc.
.
Stock Exchange are meant of trading in securities like shares, debentures, other securities & derivatives of shares
like futures & options.
.
For dealing in these exchange one person must be registered as a client with any of the brokers engaged in the exchanges.
.
Capital Gains or Business Income etc are
not directly paid through exchanges but the Account holder has to show such income in his own return of Income..
.
Exchanges also charges certain taxes bases on transaction values like STT, Service Tax, Stamping Charges etc.
04 August 2011
sir..,
then for practical purpose.., how black money is used in dealing in shares or in mcx..
means.., the person who is not registered is not required to pay capital gain tax or he can use his black money for dealing...???
then for practical purpose.., how black money is used in dealing in shares or in mcx..
means.., the person who is not registered is not required to pay capital gain tax or he can use his black money for dealing...???
04 August 2011
In trading through exchanges it is riskier to use black money.
While registering as a client with any broker one has to give his PAN, Address proof and Identity proof also including his photograph. Otherwise he will not be registered.
If a client so registered deals, information in his account can be called for by the IT department.
So, an unregistered person can not carry on his trade in his own name.
If he trades in others name, the lender of the name shall have to face the legal actions.
While registering as a client with any broker one has to give his PAN, Address proof and Identity proof also including his photograph. Otherwise he will not be registered.
If a client so registered deals, information in his account can be called for by the IT department.
So, an unregistered person can not carry on his trade in his own name.
If he trades in others name, the lender of the name shall have to face the legal actions.
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
- Opting our of sec 44AD
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Form 121 & TDS deduction
- Value of property in capital gain
- Copyright software
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
