Share-trading income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2012 I am a salaried person and I also have income from share trading.
My question is can I claim STT as deduction, if I show "income from share trading" under head Business Income ?
If yes, which ITR will I need to file?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 June 2012 1. If you have earned income from delivery based transactions, then it shall be taxable under the head Capital Gain and not Income from business.

In that case, deduction of STT is NOT allowed,

2. If the income is from intra day trading, then it will be taxable under the head Income from Business and deduction of STT will be allowed.

In this case you will file ITR 4.

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