23 January 2011
If I have applied for shares in IPO from My Savings A/c from my funds in name of my Son in his D.P. A/c.
If he is alloted shares in his DP A/c and I sell those shares in the market, making Profit in his Trading Code on the listing day and I get cheque of his name and deposit the same in his saving a/c.
whether ITO will consider this short term profit in my a/c or my son's A/c ?
It is needles to say that my son will transfer the IPO application money from his a/c to my A/c to Nullify the entry.
CAclubindia
