profit on sale of shares, Income Tax

[satbir singh wahi]

The assessee is engaged in sale/purchase of Land/property. During the year it has made investment in shares, profit on shares is shown as Short term and long term as the case may be.But A.O. wants to asesses STCG on shares as business income in view of circular 4 /2007 dt 15.06.2007. What is the correct position.

Posts / Replies

[rishi katiyar]

The income from the sale of the shares shall not be responsible for the STCG , because assessee"s main cbjective is not to purchase or\and sale of securities as emphesise in the above text.

Such income should be treated as " Income from others sourses " as i think

Thanks