11 May 2009
Plz. answer the following as soon as possible:- What is meant by :- 1)Daily Trading 2)Forward Trading & 3)Holdin of Shares ? Under which income head this will come plz. mention like under"Business & Profession" or "Capital Gain"
11 May 2009
daily trading means not taking actual delivery of shares, to square off transaction with in same day, this is also called as speculation transaction. this will be taxable under speculation profit, if assesse is having business of share trading then profit of loss can be taken in head of business or profession.
forward trading means purchse or sell of shares, nifty at f & o (Future & option)where setelment takes place at end of month
holding of share means taking delivery of share in demat account or physical delivery
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