Hi @zoomtrader
Transfers to a secondary Demat account appear in the tax P&L report as record entries reflecting the transfer itself. However, since these are not sale transactions, both the P&L and turnover will be zero, meaning no capital gains arise from them.
The AIS will still record the nature of the transaction (whether on-market or off-market), but these entries do not affect your taxable income or any related reporting.
Hi @Ruchi_Porwal - in my tax P&L statement, the transfers to secondary are not showing as zero profit. they are showing as non-zero realised profit/loss. In your example, both buy and sell are of the same amount, so profit is zero.
We see that you have a ticket open with us for the P&L-related inconsistencies. Our team is working to resolve it at the earliest. Let me update you whenever this is sorted.
Thank you, appreciate it!
Hello @Ruchi_Porwal ,
Is this issue affecting all secondary demat holder / early adopters . This has to be checked and rectified .
Hey Sandeep, this isn’t impacting all transfers to secondary Demat accounts. We’re checking into the specific cases where it’s happening.
Hello @TheGouda ,
Can you share , How I can cross check this . Shall I need to download the P&L statement from console and check for each share I transferred ?
Yep - you can download your Tax P&L for the FY and look up some entries. Dont need to look at all of them. Just 1-2 transfers that you made will tell you whats happening. It is happening in both long and short term holdings.
I am really surpised that this is the response i just got on my ticket where i have reported incorrect P&L balances due to transfer to secondary demat. Such issues are not a priority!? Honestly the ticket has been open for 2 months now (older ticket as it was opened for incorrect holdings avg issue - and that is also not anywhere near resolution)
The system is broken but the team is not taking this as a priority. Live production is being used for beta testing! Really disappointed.
Escalate to SEBI scores, no point dealing with Zerodha support. They are experts in giving you BP issues with same copy paste statements again and again. Showing incorrect tax P&L is not a small deal.
Not saying issue is guaranteed to be solved if you go to SCOREs, but these support staff never really escalate it properly for bugs. Atleast someone more involved will reply to you then.
I have many bugs pending where fix was promised 3 years ago😂. I doubt they even created internal tickets.
Wow seriously 3 years!!? Damn. I will give them some time on this as this is a new feature. I dont want to go around making tickets with SEBI. I keep a personal record of my transactions so i know what the right P/L is and right holdings balance is. Its disappointing for sure to see half baked features get added and the team moving onto the next new feature instead of fixing the bugs.
Seeing this many bugs in secondary demat feture solidified it for me that i wont touch the US stocks tradign feature on Zerodha at all. I already have US investments via other brokers, and i will personally stick to that. I had thought of moving them to zerodha once US trading here but nah - too buggy and lack of support.
And if it came to that where bugs are not getting fixed after a year - i can always move to Dhan or some other broker. i am already exploring other options as well. I dont really mind having investments in different brokers - as long as i dont have to face the hassle of bugs.
