Clarification regarding shares purchase and sales
This query is : Open
T.V.Srinivas
(Querist)
20 January 2016
sir,
Am an Individual filing the income tax returns from AY-11-12, am doing online trading, purchase and sale of shares for the AY-13-14 my total purchase of listed shares is Rs.5,96,48,819.31 and my total sales is Rs. 5,94,54,807.73, for which i have got loss of Rs. 1,96,454.38, now i have got a notice from IT Dep that Pleas file the income tax returns for AY-13-14, by giving the transaction details in Share Market
pleas suggest me that under which head should the above has to be shone, whether it is treated as income under the head PGBP or short term Capital Gains
whether the above is treated as business?
whether it is liable to Tax Audit?
pleas give the valuable suggestions
thanking you .............
Am an Individual filing the income tax returns from AY-11-12, am doing online trading, purchase and sale of shares for the AY-13-14 my total purchase of listed shares is Rs.5,96,48,819.31 and my total sales is Rs. 5,94,54,807.73, for which i have got loss of Rs. 1,96,454.38, now i have got a notice from IT Dep that Pleas file the income tax returns for AY-13-14, by giving the transaction details in Share Market
pleas suggest me that under which head should the above has to be shone, whether it is treated as income under the head PGBP or short term Capital Gains
whether the above is treated as business?
whether it is liable to Tax Audit?
pleas give the valuable suggestions
thanking you .............
Nikhil Kaushik
(Expert)
21 January 2016
are these delivery trades or intra-day/obligation trades?
T.V.Srinivas
(Querist)
29 January 2016
to the little extent they are delivery and the rest of it are intra-day
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