regarding share market - STCG
This query is : Resolved
18 September 2010
if mr x has purchased 1000 listed Share of XYZ Co.LTD for Rs. 10 per share on(say 01.04.2010)
in next 6 month (say 1.10.2010) its Market price jump to Rs. 100 per share
now on 01.10.2010 if Mr.x gives the above share to Mr.Y(friend of Mr.x) on LOAN (With or Without Consideration)
Mr.Y sell same @ Rs. 100. on 2.10.2010
and on 31.03.2011 Mr.Y purchase same from Market @ 110 and repaid his Loan of 1000 share to Mr.x
and Mr.x sell his 1000 share @ 112 per share on 2.04.2011
wat will be tax consequence for Mr.X and Mr.y
plz reply
if mr x has purchased 1000 listed Share of XYZ Co.LTD for Rs. 10 per share on(say 01.04.2010)
in next 6 month (say 1.10.2010) its Market price jump to Rs. 100 per share
now on 01.10.2010 if Mr.x gives the above share to Mr.Y(friend of Mr.x) on LOAN (With or Without Consideration)
Mr.Y sell same @ Rs. 100. on 2.10.2010
and on 31.03.2011 Mr.Y purchase same from Market @ 110 and repaid his Loan of 1000 share to Mr.x
and Mr.x sell his 1000 share @ 112 per share on 2.04.2011
wat will be tax consequence for Mr.X and Mr.y
plz reply
mohinder kansal
(Expert)
19 September 2010
how one can sell something which doesn't belong to him. pl. clarify the facts in detail, alongwith nature of documents executed between two friends. in these circumstances, in my opinion, all profit will belong to X as the shares might have been travelled through his dmat account only.
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