14 March 2008
Facts : Currently i m having Rs. 30000/- STCG, which is taxable @ 10%. Therefore tax amt of Rs. 3000/- + cess is payable. I want to avoid this by booking STCL on current securities (CS) held by making Intra-day sale of CS. I will be purchasing these CS (same no. & combination of scrips) again on Intra-day basis.
Query : Is this Intra-day sale & purchase will be treated as a Separate transactions for tax purposes OR this will be ignored as "No Delivery" is involved in Sale and Purchase.
Please provide some case law or circular, if any in support of this.
CAclubindia
