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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Under construction property in ITR
- PPF interest-As Exempt Income disclosure
- Not able to file ITR
- Building tax payment deduction in rental Income
- Upload Level ValidationITR3Category of Defect B/D
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
