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INCOME TAX

This query is : Resolved 
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(Querist)
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.
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CA. O.P. Agarwalla

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CA. O.P. Agarwalla (Expert)
25 December 2007 I think purchase and sell of shares in daily trading will fall under business.
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CA Keshav Arya

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CA Keshav Arya (Querist)
25 December 2007
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CA B.S.Sridhar

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CA B.S.Sridhar (Expert)
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.
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