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This query is : Resolved
04 August 2012
If a person earned short term profit in intraday in share market. Is he eligible for exemption of slab ie Rs.180,000/- or should pay flat tax 10% ?
04 August 2012
1. Firstly intra day trading is a BUSINESS income and taxable under the head Income from Business or Profession.
It is NOT taxable under Capital Gain.
2. Since it is taxable as business income, the assessee can claim expenses such as STT, commission, etc against such income.
3. The final income will be taxed as per the slab rate.
It is NOT taxable under Capital Gain.
2. Since it is taxable as business income, the assessee can claim expenses such as STT, commission, etc against such income.
3. The final income will be taxed as per the slab rate.
04 August 2012
Thanks.
The person is salaried & also earning income from intraday. can i show income from intraday as income from other source? profit is approx 50,000.
The person is salaried & also earning income from intraday. can i show income from intraday as income from other source? profit is approx 50,000.
04 August 2012
Actually intra day trading is specifically covered under speculation business and is therefore taxable under the head Income from Business.
You cannot show it as income from other sources.
You cannot show it as income from other sources.
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