About share income

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vaibhav gupta (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

Rupesh Jain (Expert)
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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.

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