whether comes under sec 44AB for tax audit
This query is : Resolved
26 May 2008
sir, i have 1000 shares of satyam computers @rs 500 means total delivery in my account is rs 5 lacs. if i sold 1000 shares at higher rate say 520 and then recover at 500 then total sales in my account is 520000. if same entry repeated means sold at higher rate and recover at low prices then after repeating 8 times my total sales exceeds 40 lacs but my intial totol investments only 5lacs. i have only repeated the entry . whether i falls under sec 44AB for tax audit or not
27 May 2008
What do you mean by sold at higher rate and recover at lower price? Are you saying re purchase? Are you taking physical delivery?Please clarify.
27 May 2008
YES MEANS REPURCHASE. YES TAKING PHYSICAL DELIVERY.
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