About share income
This query is : Resolved
vaibhav gupta
(Querist)
23 December 2014
one of my friend had bought shares and he is not a tax payee and do not file itr .so i want to know if his shares total value is 67000 and he earned profite of 7000 in a year what is his liability of tax
his total income by profession is 160000
23 December 2014
if he was buying and selling shares during the year then its his business income and file itr4 a only net profit (total sales - total purchase of shares) shall be taxable.
Rupesh Jain
(Expert)
23 December 2014
you can file itr-4 business income and profit from share sales under the capital gain.
your income is below exempt income the no tax liability will arise.
your income is below exempt income the no tax liability will arise.
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