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Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2013 i have below income in my wife a/c : tution fees 75000 + equity share trading profit 85000 + bank interest 2560 . can u please let me know in which head of income shall i show the tution fees & equity share trading profit ? pls note that the share trading profit is "intra day trading profit" so in which head shall i show same.

thnx

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)

15 May 2013 tuition fees (if her personal tuition i.e she is not serving in a coaching)
then it is taxable under Income from business or profession

Equity Trading Profit (if not Intra day or Regular Trading profit) then it is taxable under the head Capital Gains (but whether Long Term or Short Term you have to see)

bank interest is taxable under other sources

PALASH

PALASH (Expert)

15 May 2013 IT SHOULD BE FORM ITR-2, BECAUSE, TUTION FEES ( SHOULD BE NOT A REGULAR BASIS ) & BANK INTEREST UNDER ' IFOS' & EQUITY SHARE TRADING PROFIT UNDER 'CG ' HEAD.

Thanks,

PALASH RAKSHIT.

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