EQUITY SHARE INTRADAY IS BUSINESS PROFIT OR CAPITAL GAIN
This query is : Resolved
27 March 2020
I AM TRADING IN EQUITY SHARE FOR FY 19-20. I AM NOT TRADING FOR INVESTMENT PURPOSE.
IN THIS YEAR I AM PURCHEASE @RS.6724913/- SHARES & SALES @RS.6580129/- TOTAL LOSS IS @RS.144784/- & MY PROFESSIONAL INCOME IS 584000/-
1-CAN I SET OFF SHARE LOSS IN MY PROFESSIONAL INCOME - BECAUSE I AM TRADING ONLY
2- IF SHARE TRADING IS BUSINESS THAT TIME TAX AUDIT IS APPLICABLE BECAUSE TRADING PROFIT IS BELOW 8&
IN THIS YEAR I AM PURCHEASE @RS.6724913/- SHARES & SALES @RS.6580129/- TOTAL LOSS IS @RS.144784/- & MY PROFESSIONAL INCOME IS 584000/-
1-CAN I SET OFF SHARE LOSS IN MY PROFESSIONAL INCOME - BECAUSE I AM TRADING ONLY
2- IF SHARE TRADING IS BUSINESS THAT TIME TAX AUDIT IS APPLICABLE BECAUSE TRADING PROFIT IS BELOW 8&
27 March 2020
1 Intra day trading is speculative so set off not possible with other sources. Can be carried forward and set off against such income.
2 It's business income hence tax audit applicable.
2 It's business income hence tax audit applicable.
28 March 2020
1. Speculative business loss cannot be set off with any other head of income.
2. Tax audit will be applicable.
2. Tax audit will be applicable.
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