10 March 2010
Respected Members.. Plz clearify my point regarding Capital Gain on shares.
It goes like this.. Q1-An assesee is having 2 demat account with 2 diff parties ie. STCI and SMC, shares purchased by STCI are sold normally thru SMC and after the sales is made a DIS(delivery instrument slip) is issued by STCI. My question is whthr the capital gain arising out of such sale is to be accounted in STCI or in SMC.
Q-2 Taking up the same question.. what we have to do in the following situation. STCI *date 15-04-06 1200 shares @ 10 SMC 15-06-2008 500 shares @ 11 *trf from STCI on 15-08-2008 700 shares *sold thru SMC 700 shares @ 12.50 on 15-08-2008
Now
whthr 700 @ 1.50=1050.00 will b long term cap gain from STCI
or will it be 500*1.50=750.00 (short term cap gain from SMC) 200*2.50=500.00 (Long term cap gain from STCI)
Kindly provide relevent section, circular, case law for the above situation
CAclubindia
