Re : Short capital gain on stocks trading
This query is : Resolved
15 December 2021
Dear Expert,
A individual who is having salary income get the profit from stocks trading , short term capital gain.. his sales turnover (stocks) Rs.25,00,000.00 and purchase turnover(stocks) Rs.24,00,000.00 .. can he show this turnover and profit Rs.1,00,000.00 as professional income.
Kindly confirm
A individual who is having salary income get the profit from stocks trading , short term capital gain.. his sales turnover (stocks) Rs.25,00,000.00 and purchase turnover(stocks) Rs.24,00,000.00 .. can he show this turnover and profit Rs.1,00,000.00 as professional income.
Kindly confirm
15 December 2021
No. Its not professional income. If Intraday trading, it comes under Speculative business income. If delivery based investment, declare it under Capital Gains.
Message likes :
1 times
15 December 2021
Sir, In that case can we claim the expenses to reduce the speculative business income profit..
15 December 2021
Expenses related to the sell transactions can be deducted from the sell consideration.
15 December 2021
Sir, Can we claim other related expenses like internet , power bill etc. which may incurred for online trading purpose
15 December 2021
Generally not allowed when it is under Capital gains. If intraday trading, all such expenses are deductible.
15 December 2021
Sir, Sorry for the continuous queries..
is there any case of difference between STT deducted and not deducted
Sir, Sorry for the continuous queries..
is there any case of difference between STT deducted and not deducted
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
