I purchased 100 shares of a listed company A on date X. I sold these shares on date Y at a loss. On same date Y, since share price fell further, I purchased another 100 shares at a later time. (for clarity... bought 100 shares on 01.08.2014 at Rs. 500 apiece. Sold them on 07.08.24 at Rs. 480 apiece at 11 am and bought another 100 at Rs. 460 apiece at 2 PM). My broker has shown this trade as Intra day being a profit. Is the broker correct? My interpretation of Intra day is that sale can happen only if one has shares to sell....so sale on 07.08.24 should be against purchase made on 01.08.24. Clarification/advise in the matter is requested.
CAclubindia
