applicability of 40 lacs limit for trading of shares

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Anil

Anil (Querist)
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18 June 2008 In case of trading of shares, what will be considered for 40lacs limit

turnover or profit

Shekar

Shekar (Expert)
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18 June 2008 Its ur Turnover or Gross reciepts..

MANAS ROUT

MANAS ROUT (Expert)
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18 June 2008 turnover means your total receipt of income.make ur question clear some more extent..

CA Anand Sarda

CA Anand Sarda (Expert)
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18 June 2008 In case of delivery trading, the total sale value of all the shares sold during the year should be taken( brokerage should not be deducted).
In case of intra day trading, the total value of profit/loss on each trading day should be taken separately and added. these value, if less than 40 lacs, not covered by sec 44AB.