I am salaried and my wife doing stock trading
This query is : Resolved
12 August 2015
I am a salaried employee and my annual income is 15 lacs.
My wife is house wife and do some stock trading in short term/Speculation and also in future and option.
Her Financials are given below.
Short term capital loss- Rs. 600.00
Speculation Profit- Rs. 4500.00
F&O Turnover- Rs. 36 Lacs
F&O Loss- Rs. 9 Lacs
Question:
1) Please suggest whether i will do the tax filling for both ?
2) She can do her tax filling separately?
3) If i will do the tax filling for both , Should i required to audit my account?
Please suggest
My wife is house wife and do some stock trading in short term/Speculation and also in future and option.
Her Financials are given below.
Short term capital loss- Rs. 600.00
Speculation Profit- Rs. 4500.00
F&O Turnover- Rs. 36 Lacs
F&O Loss- Rs. 9 Lacs
Question:
1) Please suggest whether i will do the tax filling for both ?
2) She can do her tax filling separately?
3) If i will do the tax filling for both , Should i required to audit my account?
Please suggest
12 August 2015
If you provided the amount to your wife for doing stock trading then you have to file return in your name clubbing both. In such a case tax audit is required in view of declaring less than 8% profit.
27 August 2015
I am not providing money to her for trading. Please suggest whether she is eligible for tax audit or not.
Turn Over- 36 lacs
Loss- 9 lacs
Turn Over- 36 lacs
Loss- 9 lacs
27 August 2015
She is not liable for tax audit. File the return separately in your wife's name before this month end to claim carried forward loss.
27 August 2015
But as per sec 44ad audit is applicable if profit is less than 8%. Please suggest
27 August 2015
As the total income is less than basic exemption limit tax audit not applicable.
27 August 2015
As the total income is less than basic exemption limit tax audit not applicable.
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