Capital gains or speculative
This query is : Resolved
12 July 2013
If Shares are purchased and sold on the same day then it is Speculative Income or Loss.
However if shares are sold on the next day, then whether it is Speculative Income/Loss or Capital Gains since delivery is generally received in T +2 number of days and as per Section 43(5), transactions without delivery are speculative.
So if shares are purchased today and sold tomorrow, it will be without delivery and at the same time it is not intra day or day trading, so whether it will be speculative business income or Capital Gains
However if shares are sold on the next day, then whether it is Speculative Income/Loss or Capital Gains since delivery is generally received in T +2 number of days and as per Section 43(5), transactions without delivery are speculative.
So if shares are purchased today and sold tomorrow, it will be without delivery and at the same time it is not intra day or day trading, so whether it will be speculative business income or Capital Gains
12 July 2013
It will be speculative business income.
12 July 2013
Thank You Tushar...so how will you determine from the details of transactions received from your broker as to which are with delivery and which are without delivery as no such details is mentioned by them in their Report
12 July 2013
Then kindly ask for brokers note from broker or ask them for sep statement which they usually maintain with them.
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12 July 2013
I have salary income and Speculative Business Income and Capital Gains...for which I will have to file ITR 4, so is filling in the Profit and Loss Account and Balance Sheet mandatory in ITR 4 when I have no other business?
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