Query regarding ICDS viii:- We have say 2 scrips of 1-1 shares each... both purchased at say Rs 100 .. basket value Rs 200. At 31st March 22 market price of scrip A becomes 500 and scrip B becomes say Rs 50. My basket NRV becomes 550. I cfd values at whichever lower i.e. Rs 100 foŕ scrip A and Rs 50 for scip B total rupees 150 as per ICDS LOSS OF RS 50 IS NOT ALLOWED... because NRV of basket value is higher .. Now in next year say I sell scrip B (op bfd value is 50) at say Rs 95 only ... so I have actually made a loss of Rs 5 but my books will show the false profit of Rs 45 and will pay tax on Rs 45.. ... ...??? What's is my position... ..? Should I pay tax on Rs 45 while actually I have incurred a loss of Rs5.. can you please clarify... ??
CAclubindia
