Query on taxability of f&o transaction
This query is : Resolved
09 February 2010
I have made profit in f&o transaction of Rs.85000 in the month of January,2010.
I am not a regular trader so i don`t want it to be treated as business income. Can i treat this transaction as investment income & pay short term capital gain on the profit of Rs.85000 @ Rs.15% ?
Expert please advise .
Pankaj Ajmera
I am not a regular trader so i don`t want it to be treated as business income. Can i treat this transaction as investment income & pay short term capital gain on the profit of Rs.85000 @ Rs.15% ?
Expert please advise .
Pankaj Ajmera
09 February 2010
It is business income by virtue of proviso (d) to section 43(5) of the IT Act,1961 and hence cannot be considered as STCG.
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