INCOME FROM SALE OF SHARE

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 income from sale of share which head of income and hoe to treat in itr2

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

24 July 2011 Depends on the transaction.

It can either be---

Short term capital Gain---Taxable @ 15%(If STT Paid)

LTCG --Tax Free (If STT Paid)

Trading income i.e. Intraday profit--Taxable at normal rate.

Etc. So it depends on the nature of transaction.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 loss on sale of share 144000 u/s 111a

Upgrade to CAclubindia Pro. Subscribe Now!

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
Follow

24 July 2011 Income from sale of shares is capital gains and the same can be classified into short term or long term depending upon their nature.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

24 July 2011 Loss will be carried forward.

Go to CG-OS Sheet--

In 2.a
Put full value of consideration- Sale proceeds

In 2.b.i

Put cost of Acquisition-Purchase price

4. Will show a loss say(-5000)
5. put the same figure i.e. STCG/STCL amount included in 4 above. (-5000)

Now you can see this amount in CFL sheet under the head current year losses.

Querist : Anonymous

Querist : Anonymous (Querist)

24 July 2011 thanks for that

my doubt in point 5 . put the same figure i.e. STCG/STCL amount included in 4 above. (-5000)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

24 July 2011 Out of total STCG/STCL how much relates to u/s 111A. Since the entire amound is from sale of shares the total amount need to be mentioned.