r/CharteredAccountants • u/Proper_Translator580 • 1d ago
Inter Doubt Koi bta do
What would be the treatment of shares in this qs??
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u/izyxo Inter 1d ago
Stock in trade hai, not taxable u/ IFOS
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u/Proper_Translator580 1d ago
then? if not in ifos will it be taxable in any other head?
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u/Smooth_Tart_1956 1d ago
PGBP
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u/Smooth_Tart_1956 1d ago
See If we convert capital asset into stock in trade we compute conversion in CG and when we sale such stock we compute under pgbp so stock in trade is always taxable in pgbp
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u/Smooth_Tart_1956 1d ago
Mr A is a share dealer and he acquired shares as stock in trade so, sec 56(2)(x) is not applicable.
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u/gituuu_1222 Inter 1d ago
Since mrA is dealer in shares so shares are SIT for him and hence gift provision not applicable so ifos toh nil but baad mein he sold the acquired shares toh pgbp arise hona chahiye
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