Capital gains or speculative

This query is : Resolved

Sanjana (Querist)
Follow

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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

12 July 2013 It will be speculative business income.

Sanjana

Sanjana (Querist)
Follow

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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

12 July 2013 Then kindly ask for brokers note from broker or ask them for sep statement which they usually maintain with them.

Message likes : 1 times

Sanjana

Sanjana (Querist)
Follow

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?

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now