intra day trading-tax effect
This query is : Resolved
SHAYAK DAS
(Querist)
08 March 2008
how profit on intraday trading on shares is taxed?is it speculation profit?
CA Praveen Chopra
(Expert)
08 March 2008
Yes it is to be treated as speculative transaction because it is settled without having delivery of shares accordingly it is to be taxed as speculative profit under business head.
CA. GOPAL SONIKA
(Expert)
08 March 2008
yes
10 March 2008
YES
10 March 2008
IT IS TAXED UNDER BUSINESS INCOME -SPECULATIVE LOSS/GAIN.
BUT UNDER CLAUSE (d) IN SUB. SEC 5 OF SEC 43 IN RESPECT OF DERIVATIVES TRADING IT IS NOT SPECULATIVE TRANSACTION.IT IS BUSINESS GAIN/ LOSS ONLY.
R.V.RAO
BUT UNDER CLAUSE (d) IN SUB. SEC 5 OF SEC 43 IN RESPECT OF DERIVATIVES TRADING IT IS NOT SPECULATIVE TRANSACTION.IT IS BUSINESS GAIN/ LOSS ONLY.
R.V.RAO
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