INCOME TAX

This query is : Resolved

CA Keshav Arya (Querist)
Follow

24 December 2007 HOW WILL BE A PERSON INVOLVE IN DAILY TRADING IN SHARES TAXED ?
WHETHER HE IS TAXED AS LTCG OR STCG OR HIS PROFIT WILL BE TAXED AS INCOME FROM BUSINESS OR PROFESSION ?
AND WHY ? PLEASE SPECIFY THE REASON.

THANK YOU.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
Follow

25 December 2007 I think purchase and sell of shares in daily trading will fall under business.

CA Keshav Arya

CA Keshav Arya (Querist)
Follow

25 December 2007

Upgrade to CAclubindia Pro. Subscribe Now!

CA B.S.Sridhar

CA B.S.Sridhar (Expert)
Follow

25 December 2007 In case of a daily trader , we assume that he is not taking delivery of the scrips. (Margin Trading). In that case , the same shall be assessed as Speculation Business Income.