Dear Sir,
during purchase sale of shares we have losses of Rs.157/- so can we adjust with Capital account or transfer loss of Rs.157/- to profit loss account. please note that purchase sale of shares is not a main business.
4 Replies
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 27 March 2022
Consider it under loss from capital gains ..
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 27 March 2022
If it is not main business , then Investing in shares will be Investment , and as per AS 13 loss will be transferred to profit and losss account.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 27 March 2022
You need to adjust in IT Computation.
You have to reverse it from business and consider it under capital gains..
( Incomes considered seperately )
You have to reverse it from business and consider it under capital gains..
( Incomes considered seperately )
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 27 March 2022
Please do not consider my above reply loss transfer to p&L .
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