Income from share market
This query is : Resolved
harshit darji
(Querist)
24 August 2019
DEAR SIR KINDLY HELP ON THIS MY CLIENT INCOME FROM 1.SALARY IS 1200000. 2.CAPITAL GAIN FROM STOCK MARKET. SPECULATIVE EQUITY GAIN = 40220 SHORT TERM EQUITY LOSS = -290280 LONG TERM EQUITY GAIN = 110552 SO TOTAL LOSS IN STOCK EXCHANGE IS 139508.. ON THE OTHER HAND HE RECEIVED DIVIDEN FROM EQUITY TRADING AS ABOVE IS 110520 AND FROM MUTUAL FUND IS 296600. NOW QUESTION IS 1. AS PER READING SPECULATIVE GAIN ON INTRA DAY WILL BE REPORTING IN BUSINESS INCOME AFTER DEDUCTING EXPENSES RELATED TO.ITS BUSINESS INCOME? 2.SHORT TERM AND LONG TERM GAIN LOSS IS EQUAL TO -179728..(-290280+110552).. UNDER CAPITAL GAINS. 3.AND DIVIDEND FROM TRADING OF SHARES AND MUTUAL FUND IS 407120.IS EXEMPT FROM TAX?
Read more at: https://www.caclubindia.com/experts/income-from-shares-2758414.asp
Read more at: https://www.caclubindia.com/experts/income-from-shares-2758414.asp
CA R SEETHARAMAN
(Expert)
24 August 2019
1 Yes.
2 Yes it's short term capital loss. Fill separately it will get adjusted.
3 Yes exempt.
2 Yes it's short term capital loss. Fill separately it will get adjusted.
3 Yes exempt.
harshit darji
(Querist)
26 August 2019
dear sir speculation income (intra day sharing) total sales is 7222480 and purchase is 7180280 hence profit ratio is about 0.50%.. so i am liable for audit us 44ab
CA R SEETHARAMAN
(Expert)
27 August 2019
Turnover for intraday trading is the sum of profit and loss made on each transaction.
harshit darji
(Querist)
27 August 2019
it means my turnover in 44ad is 42200(7222480-7180280) and i can saw 8% of 42200 profit=3376 am i right?
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2758754
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2758754
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2758754
Read more at: https://www.caclubindia.com/experts/details.asp?group_id=2758754
CA R SEETHARAMAN
(Expert)
27 August 2019
44AD not applicable for speculative business. Show full profit of 42200.
harshit darji
(Querist)
27 August 2019
am i liable for tax audit?? if no then where to enter data in itr 3??
CA R SEETHARAMAN
(Expert)
27 August 2019
Not liable for tax audit. Yes enter in ITR 3
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harshit darji
(Querist)
27 August 2019
thanks sir my all doubt is cleared now.. thanks again for valuable support
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