related to my earlier query 2/7/09
This query is : Resolved
DEEPAKPARAKH
(Querist)
03 July 2009
i have online trading income through demat account on daily basis.And now i want to know that under which head it will be taxable in my hands.if their is 2 solution then which is benfical to me if i have loss in it.and i m expecting gain in next year.Can i have option to take it as under head Business OR Capital gain income
if i file return under head business and profession,then i have to maintain proper books of accounts also because my turnover exceed 40 lacs.but i read somewhere that income of trading in equity shares is section 111, which is a short term capital gain/loss.please guide me under these condition
if i file return under head business and profession,then i have to maintain proper books of accounts also because my turnover exceed 40 lacs.but i read somewhere that income of trading in equity shares is section 111, which is a short term capital gain/loss.please guide me under these condition
Sanjeev Jain
(Expert)
04 July 2009
Hie,
See there are 2 sec in Income TAx ACt which provide benefit to assessee viz. sec 10(38) and sec 111A. but they both get applicable only when you hold ur shares as ur investments and as Stock in trade and doesnt have frequent trading in that segment.
See there are 2 sec in Income TAx ACt which provide benefit to assessee viz. sec 10(38) and sec 111A. but they both get applicable only when you hold ur shares as ur investments and as Stock in trade and doesnt have frequent trading in that segment.
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