Security trading and income tax

This query is : Resolved

Rachana (Querist)
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04 April 2008 one of the our client is engaged in activity of share trading, only source of his earning. should it be treated as income from business profession or anything else? How the income will be treated, pl. make note that our client is senior citizen.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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04 April 2008 IT DOES NOT MAKE ANY DIFFERENCE WHETHER THE PERSON IS SENIOR CITIZEN OR NOT.IF HE REGULARLY TRADES IN SHARES AND ALSO DO INTRA DAY TRADING INSTEAD OF INVESTMENT THAN THE PROFIT WILL BE TREATED AS BUSINESS INCOME

R.V.RAO

R.V.RAO (Expert)
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05 April 2008 IT IS BUSINESS INCOME UNDER THE HEAD SPECULATIVE BUSINESS.
BUT DERIVATIVES TRADING IS NOT CONSIDERED AS SPECULATIVE UNDER CLAUSE (d)OF SUB SEC 5 OF SEC.43 .
THE MOTIVE OF INVESTMENT OR SHORT TERM TRADING ,FREQUENCY OF TRADING ARE ALL DETERMINING FACTORS BY THE ASSESSING OFFICER.
R.V.RAO

CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)
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05 April 2008 It is business Income

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