Turnover determination in speculation business (sharetrade)
This query is : Resolved
06 June 2012
Dear Sir/Madam,
My client is dealing in Purchase and sale of Shares through a Reputed financial service ltd. His Total Credit regarding purchase during the P.Y is Rs.6432008/- and Sale 5464783/- and also i am unable to determine whether it is speculative or not. Even though he has taken delivery of shares at the end of the some days.What is the turnover to be declared, whether he is liable u/s44AB
My client is dealing in Purchase and sale of Shares through a Reputed financial service ltd. His Total Credit regarding purchase during the P.Y is Rs.6432008/- and Sale 5464783/- and also i am unable to determine whether it is speculative or not. Even though he has taken delivery of shares at the end of the some days.What is the turnover to be declared, whether he is liable u/s44AB
06 June 2012
Turnover= Delivery Based Sales+ (Speculation Profit)+ (Speculation Loss).
(Speculation "-" negative sign is not to be considered.) Suppose Loss is 5000 then
Turnover =500000+ 40000+5000= 545000
You may get the Details of Datewise Scripwise Summary and P&L summary from the Reputed Financial Service Ltd.
.
(Speculation "-" negative sign is not to be considered.) Suppose Loss is 5000 then
Turnover =500000+ 40000+5000= 545000
You may get the Details of Datewise Scripwise Summary and P&L summary from the Reputed Financial Service Ltd.
.
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