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Taxability of the gains from PMS

This query is : Resolved 
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(Querist)
08 December 2008 How are gains earned from PMS (portfolio management scheme) taxed - as Capital gains or as Business Income?
Please quote case decisions if possible.
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Zeeshan

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Zeeshan (Expert)
08 December 2008 ISHITA IT WILL DEPEND UPON THE NATURE OF TRANSACTIONS.
IF YOU ARE TREATING YOUR INVESTMENTS AS STOCK MEANS REGULAR TRANSACTIONS ARE BEING DONE BY YOU IN THE PORTFOLIO THEN IT CAN BE TREATED AS BUSINESS INCOME OTHERWISE IT WILL BE TREATED AS CAPITAL GAIN.
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