Share Investment Expenses

This query is : Resolved

Prakash Jasani (Querist)
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06 June 2008 Dear Experts,

Whether following share investment expenses allowable as per I.T. act? under the heads of business & profession ,while preparing computation of income.

1)STT paid on Share & Securities
2)Expenses paid on Share & Securities
3)Expenses paid on Share - F & O
4)Portfolio management Charges

AND

Interest received on FD & Interest received on income Tax whether taxable or not? under the heads of business & profession.

Pls.solve my queries asap.

Regards,
Prakash Jasani
6th June 2008

Tarun Gupta

Tarun Gupta (Expert)
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07 June 2008 1) If u r in the business of pur or sale of share than u can claim STT as a rebate U/s 88E otherwise not.

2)Expenses paid on Share & Securities- if pur for Investment purpose than added it in ur investment cost.

3)Expenses paid on Share - F & O - As discuss above
4)Portfolio management Charges- u can claim it as a exp.

AND

Interest received on FD - taxable under the head of other sourses
Interest received on income Tax - as discuss above.
Thanx

Prakash Jasani

Prakash Jasani (Querist)
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07 June 2008 Dear Experts,

One of our client doesn't want to add back or less share expenses in investment cost, while purchase or sales of shares.So in this case can I disallowable this expenses?

Regards,
Prakash Jasani

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