An individual is having business income and capital gains (short-term and long-term) from the sale of shares, and the investment in listed shares in a broking firm was transferred to another broking firm though shares were not sold, long term capital gain was worked out in the new broking firms statement of account. Since there has been no sale of shares but only change of broking firm, whether long term capital gains is applicable?
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Income tax and shares
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Quick Summary
Whether the shares were transacted through exchange by earlier broking form?
Whether any stamp-duty & brokerage was levied by earlier BF?
Whether the constitute of both the demat account were same?
Since there was no sale of shares but ownership changed. SO IT AMOUNTS TO TRANSFER. SIINCE COST NOT GIVEN IT IS TRANSFER.
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