Amount paid to portfolio managers
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2013
Hi,
If any individual pays certain amount either on a fixed percentage or amount to portfolio managers .
Can that be deducted from the gains received from the sale of shares.
Please advise...
If any individual pays certain amount either on a fixed percentage or amount to portfolio managers .
Can that be deducted from the gains received from the sale of shares.
Please advise...
06 August 2013
This can be adjusted only against the port folio income. Now, you should understand what is port folio income it is short term or long term or business income. Portfolio is just like business income as non of the shares are taken delivery by you it is the portfolio manger who does trading on your behalf only the amount of debit and credit appears in the statement as provided to you. Some ITOs are treating this as a speculation profit or losses and accordingly the treatment is given
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2013
Thank you,
if it's treated as business Income The amout paid can be claimed as deduction.This is clear..
What if the income is treated as speculation profit . can the amount can be claimed as deduction...
if it's treated as business Income The amout paid can be claimed as deduction.This is clear..
What if the income is treated as speculation profit . can the amount can be claimed as deduction...
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