Fire your tax related queries and i would get it solved!!!

[blisscapital]

Hi Experts,

My Uncle died few years back and he had a demat account with some holdings. Now his wife discovered that and she is the nominee in this case. However she does not want to open a demat account for just transfer of the shares. She only wants that the shares are sold at market price from her late husband's account and she gets the money without the hassle of opening a demat account. Is there any way to get the money without opening a demat ac and transferring the shares?

 

[shravank30]

Hi Experts,

My Uncle died few years back and he had a demat account with some holdings. Now his wife discovered that and she is the nominee in this case. However she does not want to open a demat account for just transfer of the shares. She only wants that the shares are sold at market price from her late husband's account and she gets the money without the hassle of opening a demat account. Is there any way to get the money without opening a demat ac and transferring the shares?

After a persons death, no further transactions can be done in his bank, demat or broker account

As such the wife will have to open a new demat account in her name as well as a broking account and then sell the shares
She can avoid opening a broking account and do a offmarket transfer, but in that case she may have to pay capital gains

 

[shravank30]

Hi,

I have below mention Queries:

1. I m salaried person, doing trading in FnO, Delivery based, intraday. Which ITR form(s) i need to file.

2. I some times do trade in my wife's demat account. she is full time housewife, we do have FDs on her name: Which ITR form I require to file in her case.

3. Last year in both the account we have made loss only. Therefore, wants to know how to show this in ITR.

Regards,
Chintan

1. ITR 4

2. Depending on the number of transactions, ITR 2 or ITR 4

3.Carried forward losses are allowed to be shown in both the ITRs. Use the Excel utility ITR for filling the form. Its quite simple and if you have basic commercial acumen, you should be able to do it.
Else get hold of a CA
However, in case of ITR4 returns, you will also have to get your accounts audited as you have a loss

 

[blisscapital]

After a persons death, no further transactions can be done in his bank, demat or broker account

As such the wife will have to open a new demat account in her name as well as a broking account and then sell the shares
She can avoid opening a broking account and do a offmarket transfer, but in that case she may have to pay capital gains

Thank you for the prompt reply, however I have another query in this topic. The person also has cash credit in his trading account of around Rs 20000, now how will this cash credit in trading account be transferred to nominee?

 

[Grules]

Hi,


Can anyone tell me what a global report is cos my broker does not know what a global report is and the CA is asking for it because of the Audit. This is the first time i am filing return based on trading and hence i am not sure what to give. I have spoken to 3-4 CA's couple of them have said a Ledger report + PNL is good enough but couple of them are asking for global report. Is anyone aware of global report ? Can a specimen for the same be shared so that i can ask my broker for it urgently.

Also , what are the normal Audit fees if anyone has done Audit from a CA.

 

[[email protected]]

I have problem to fill itr 4 plz fill it with following example

1. Gross Salary : 387999
2. Transport Allowance : 6561
3. House Rent : 69059
4. LIC/PLI : 62662
5. Saving A/C Interest(Not included in Gross Salary) : 571
6. Dividend (From share market -Long term equity) : 2186
7. Capital Gain (Buy/Sell Shares)
A. Long Term
Buy : 20735
Sell : 23996
Profit : 3261
B. Short Term
Buy : 215804
Sell : 236602
Profit : 20798
C. Intraday
Buy : 9848
Sell : 10010
Profit : 162
D. Future & Option
Buy : 7265
Sell : 0
Loss : 7265

8. Total Tax Paid(TDS Deducted) : 3100

 

[Rahulraghav]

Do we get any benefit in capital gains if we are investing in shares or trading??

I mean any exemption, deduction or relief?

If it is, please explain here in detail.

 

[umesh12]

Do we get any benefit in capital gains if we are investing in shares or trading??

I mean any exemption, deduction or relief?

If it is, please explain here in detail.

No, we do not get any exemption/deduction or any benefit in capital gains (of any type or of any asset class), by investing in shares or trading.

BTW your question is not clear.
What sort of capital gain, long term or short term, I mean period of holding of the asset.
Capital gain arises out of what sort of investment/asset. As the treatment is different for some types of assets.

 

[skjanghu]

Dear DioSys
I am a Govt employee and having taxable income.
I have filed ITR as Tax Payable instead of Tax Refundable in year 2013 for AY 2012-13 and in year 2014 (Mar) for AY 2013-14.
And now in July correctly filed ITR for AY 2014-15 as Tax Refundable.
Can I get those last two years Income Tax refunded by any means coz I have tried to file it again through online it said ITR can only be filed once.
Please help me
Thanks in advance

 

[spihonda]

Please need help on option trading turnover,

In the year 2013 -2014 i have done option trading. loss nearly 1.8 lk.How to calculate turnover.
I always buy the option and sell after. Never do option selling first and cover it later.

As per my Broker p/l statement if i calculate favorable + unfavorable in option, it comes around 6 lk.But if I calculate all the sale value of options in that year it comes around 66 lk.

Which figure i have to take for option turnover,
Either 6 lk
or 66 lk.
My loss is 1.8 lk.
I am in big confusion, please help.In my place CA not understand this properly.

Thanks.