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Received Shares against cash

Abhishek (NIL) (159 Points)

05 April 2022

In last FY 2021-22 I have received shares from a person who was not paying my money from a long time I have given him around 80000 in cash but due to his condition and everything as he was totally in defaulter condition he transferred me Rs.56000 value shares against the money (as he can't sell those as the money will go in his bank account and bank will take the same as he have defaulted bank loan also) now how can I show this transaction in my books and how to show the shares entry as there is no bank transaction. Do tell me what should I keep or do as that there cannot be any problem in future or if any details are being asked what can I show.

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3 Replies

sabyasachi mukherjee (27574 Points)
Replied 06 April 2022

Please mention the detailed transaction initially.

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Abhishek (NIL) (159 Points)
Replied 06 April 2022

I have given Rs. 80,000/- to someone in cash in Feb 2020, but after lock-down he did not return the same and after asking for the same from long time recently in Feb 2022 he said he don't have any cash in his account but have some share which he can't sell as if he sell the same then money will be deposit in his bank account and from there bank will debit the same as he have been bank defaulter so he transferred the shares in my demat account and the value of the same was around Rs. 56,000/-. now I want to know how can I show this entry in my records as there is nothing mentioned regarding the cash amount given to him and is there any paperwork I have to do so that there should not be any problem in future.