Trading Query

This query is : Resolved

rahul (Querist)
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15 December 2009 Basically my father carried out some trading in march 2007 with indiabulls trading. Mostly they were futures and options trades. Now i have received a query from the IT dept in this regard. this wat he did...eg.
1.day 1-sold 50 FUTIDX nifty 29-march-07 @ 3620....net=181000
2.day 2- sold 100 FUTIDX nifty 29-march-07 @3592 and on the same day bought 100 FUTIDX nifty 29-march-07 @ 3571=357100 and bought another lot of 50 FUTIDX nifty 29-march-07 @3606= 180300
net day 2= - 178200

Now the IT dept has asked for an explaination regarding these net values. But the Indiabulls statement of account doesnt have these figures and neither does my bank account.

all the statement has are M-to-M amounts and the stamp duty collected charges.

Even my CA is telling me that i shud figure out where these figures should reflect on the statement.

According to me since these are Future trades shouldnt just the M-to-M values figure on the daily basis?

I know this is a long query but pls help.

Regards

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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16 December 2009 You may show them the bills issued by your broker.

Since these transactions are not regarded as purchase or sell; hence these will not appear in the statement.

Whatever profit or loss is there at the end of the year; which you can find out from the ledger issued by your broker has already been shown in your books.

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