DERIVATIVE INCOME

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2009 SIR, PLZ ANS THE FOLLOWING QUERIES :

1. IF A PERSON IS PART TIME ENGAGED IN INVESTING IN OPTION DERIVATIVE THEN INCOME,IF ANY,IS TAXABLE UNDER PGBP OR CG

2. SHALL HE HAVE TO MAINTAIN BOOKS OF A/C IF INCOME EXCEEDS 1,20,000 /-

3.FOR SEC. 44AB , LIMIT OF 40 LAKH IS TAKEN FOR CONTARCT VALUE OR GAINS ONLY BECAUSE BUYER OF CALL/PUT OPTION HAS TO PAY PREMIUM AND ON SETTLEMENT ONLY DIFFENCE IN PRICE IS SETTLED.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 December 2009 1. PGBP
2. Yes.
3. Option Premium paid + Premium Received+
Profit in F&O + Loss in F&O =Turnover

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2009 THANK YOU SIR
COULD YOU PLZ EXPLAIN THE POINT 3 IN MORE DETAIL .
I WILL BE VERY THANKFUL TO FOR SHARING KNOWLEDGE

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