accounting of shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 July 2010
Hi
Respected Sir.
Can any one tell me sir?
If a person totally engaged in buying and selling of shares for 1 weeks then whether he can show such income as business?
If not then why whether it is written and if it written then in what section of income tax act.
Respected Sir.
Can any one tell me sir?
If a person totally engaged in buying and selling of shares for 1 weeks then whether he can show such income as business?
If not then why whether it is written and if it written then in what section of income tax act.
02 August 2010
There is a Section 43(5) which defines the word Speculative Business under Income Tax Act, 1961. To know whether sale and purchase of shares shall be considered under business income or Capital Gain will depend upon the intention for which shares were purchased. If shares were purchased for investment purpose and then sold. In such a case it shall be considered under Capital Gain. However, if shares are purchased to earn profit by using fluctuations in the prices then they shall be considered under business income.
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