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Share Profit head and group

Others 2485 views 5 replies
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729 Points Posted on 05 March 2022
Sir,

please provide the name of account head and group ( profit of purchase sale shares)
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On 05 March 2022 at 21:04 Report
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GST Practitioner & Accounts
15093 Points Posted on 05 March 2022
Profit on Shares A/c , under Indirect Income , in Profit and Loss Account .
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On 05 March 2022 at 21:17
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CFO- at NHTF
58280 Points Posted on 05 March 2022
If the purchase and sale of shares is taxable for you under capital gain then

Bank A/c Dr

To Investment (Cost)
To Capital Gain (Profit)
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On 05 March 2022 at 21:33
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GST Practitioner & Accounts
15093 Points Posted on 05 March 2022
As per AS13 Investment .
Any profit or loss on disposal of Investment to be transferred to profit and loss account .
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On 05 March 2022 at 21:51
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CFO- at NHTF
58280 Points Posted on 05 March 2022
Yes. It's capital gain only .You may create a capital gain ledger under indirect income & adjust in IT Computation under capital gain .


If you create ledger either capital gain or profit on sale of shares under indirect income then it's transferred to P & L
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On 05 March 2022 at 21:58
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729 Points Posted on 06 March 2022
Thank you very much Prasad & Eswar Reddy Sir,
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On 06 March 2022 at 08:43


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