Sale of shares
This query is : Resolved
05 October 2009
Mr X, brother of Mr y holds some shares in physical form.Mr X is an NRI , but has demat a/c ( without trading facility).Mr Y has demat with trading facility , so Mr X requests Mr Y to get the shares converted in demat form & sell them in Indian Market.Mr Y performs the same for Mr Y.The entire sale proceeds of shares sold by Mr Y , is transferred by Mr Y to Mr X. Hence is it necessary for Mr Y to show this sale of shares in his return of income , as Mr Y does not file return of income due to his NRI status ?
05 October 2009
Dear Shweta,
Could you plesae confirm that on what basis share in physical form lying with Mr. X. have been converted in demat form of Mr.Y and Mr Y performed the request of Mr. X to sell the same in indian market?
As well residential status of Mr. Y ?
Could you plesae confirm that on what basis share in physical form lying with Mr. X. have been converted in demat form of Mr.Y and Mr Y performed the request of Mr. X to sell the same in indian market?
As well residential status of Mr. Y ?
06 October 2009
in my opinion
as per the provisions of section 5 any income accrue or arise in india or received or deemed to be received in india is taxable in the hands of every person.in context of the provision mr x trfs his shares it will be deemed his shares has been transfered to mr y and mr y has become the owner of such shares, further if he is recipient of income on the sale of such share such income will be taxable in the hands of mr y not in the hand of x
as per the provisions of section 5 any income accrue or arise in india or received or deemed to be received in india is taxable in the hands of every person.in context of the provision mr x trfs his shares it will be deemed his shares has been transfered to mr y and mr y has become the owner of such shares, further if he is recipient of income on the sale of such share such income will be taxable in the hands of mr y not in the hand of x
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
