Share market.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 August 2012
Last time also I had inquired about this and I am not clear. My query is:
Have no source of income. Have incurred loss of 4 lac in a period of over 2 years in day trading in stock market Money lost is from personal savings and borrowed from relatives. I do not wish to carry forward the loss and claim later.The turnover is above 60 lac per year. Is it mandatory to get the day trading activities audited or an account statement/ledger extract from the broker is sufficient for my records.The borrowings from relatives are properly reflected in their respective accounts.
Have no source of income. Have incurred loss of 4 lac in a period of over 2 years in day trading in stock market Money lost is from personal savings and borrowed from relatives. I do not wish to carry forward the loss and claim later.The turnover is above 60 lac per year. Is it mandatory to get the day trading activities audited or an account statement/ledger extract from the broker is sufficient for my records.The borrowings from relatives are properly reflected in their respective accounts.
Amol S Joglekar
(Expert)
17 August 2012
I do not think AUDIT limit is crossed. The positive value of the transactions shall be considered for TAX audit limits.
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