sir
we purchase and sale some shares please suggest entry in books of account is correct or not and how to withdrawal STCG from sale purchase
Purchase entry.
Investment in shares Rs.14325 Dr. ( Investment)
Brokage & other exp. 20 Dr.( Investment)
SBICAP Rs.14345 Cr.( sundry creditors)
Sale entry.
SBICAP Rs.14682 Dr.(Sundry creditors)
Brokage & other exp 18 Dr.(Investment)
Investment in shares 14700 Cr.(Investment)
please suggest how to calculate STCG
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Share purchase Sale STCG
Replies (6)
Purchase Entry
Investment in Shares. A/c Dr
To SBI A/c Cr
( Investment of Shares )
Sales Entry
SBI A/c Dr
To profit on Shares. A/c Cr
To Investment in Shares A/c Cr
( sale of shares )
profit on sale of shares will be transferred to P&L
short term capital gain for the purpose of Income tax
Expense like brokerage to be included in the Cost of purchase .
( reference AS13)
Investment in Shares. A/c Dr
To SBI A/c Cr
( Investment of Shares )
Sales Entry
SBI A/c Dr
To profit on Shares. A/c Cr
To Investment in Shares A/c Cr
( sale of shares )
profit on sale of shares will be transferred to P&L
short term capital gain for the purpose of Income tax
Expense like brokerage to be included in the Cost of purchase .
( reference AS13)
Sir, according to above purchase Sale could you show me how much profit I am earning and how much tax I will to pay.
15% Income tax on the short term capital gains .
Your profit is short term capital gains for Income tax purpose .
Sir
purchase shares 14345/- and Sale 14682/_ Profit Rs.337/- STCG Rs.51 it's correct way
purchase shares 14345/- and Sale 14682/_ Profit Rs.337/- STCG Rs.51 it's correct way
Yes, correct @ 15 % Flat rate +Surcharge + cess ,
however STT and certain conditions for STCG as per section 111A , of the Income tax act , so please refer section 111A .
however STT and certain conditions for STCG as per section 111A , of the Income tax act , so please refer section 111A .
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