Shares daily trading (forward trading)

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rajesh (Querist)
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27 July 2012 Dear Members

An Assessee doing Share Farward Trading during the whole Fy-2011-12 He was Purchased and sold shares nearly 5 Crores at this situation He is Liable to get Audit his account u/s 44AB or Shaort Term Capital Gain and Speculation Business

He was Doing 5 Crores Purchase and Sales for the FY-2011-2012 and he is also loss Rs. 5 Lakhs

1.) 44AB Applicable

2.) Shaortterm Capital Gain/Loss

3.) Speculation Business Profit/Loss

Please tell which is applicale to him

Thanking you

Amol S Joglekar

Amol S Joglekar (Expert)
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27 July 2012 If the net value... MOD value as is called by the mathematitians....exceeds 60 Lakh, then tax audit is applicable

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