Need for audit in case of stock trader having overall loss

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Gaurav Sethi (Querist)
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22 July 2018 Hi,
Made loss in F&O and intraday trading -220000
Made gain by selling shares kept for short term (less than 12 months) +180000
Only income is from FD interest. +132000

Turnover of (FO+intraday+ short term share trading) is 80 lakhs.

Is audit required in my case?
Can I avoid it by not declaring losses in F&O and intraday and simply show 180000+FD interest as my income and pay tax on it. Will 15% be charged in 180000 profit of short term trading?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 July 2018 Yes you can do so. No tax payable upto basic exemption limit of 2.5 lacs on short term capital gains.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 July 2018 your losses will get adjusted against the FD income and STCG. the balance income will below the taxable limit, hence not audit. File ITR-3. In case you need professional help for filing the return, mail me at ca.nikhilkaushik@gmail.com

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