Short term capital gains turnover

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vyas (Querist)
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02 April 2016 In the FY, I have bought shares for Rs1.5Cr and sold for Rs1.4Cr. Do I need to get my accounts audited? I am not salaried and my only other income is from interest from Bank FDs.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 April 2016 If you are a trader in shares then tax audit applicable to you. If you are a investor and your gains are short term/long term capital gain then tax audit not applicable.

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vyas

vyas (Querist)
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02 April 2016 Sir, First six months of FY, I have invested and traded. Next 6 months, I have invested in Shares and a some FNO too once in a while but no intraday. FNO gains are 2.5L but do not know how to calculate turnover. Total buy and sell in FNO will be couple of crores. Pls help.

Speculation gain (intraday) is 76000. Total Buy in Speculation is 10.5Cr which may not be called turnover. Turnover may be the absolute net difference of buy and sell.

My total investments in shares is 50L

Pls advise if I can file returns as Investor.

vyas

vyas (Querist)
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02 April 2016 I mean, can I be considered as investor and avoid audit.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 April 2016 If you avoid audit you will land in problem opt for audit.

vyas

vyas (Querist)
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02 April 2016 Sir, Are you based in Bangalore. Could you help with audit of my accounts and file the returns.

vyas

vyas (Querist)
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02 April 2016 Does it mean, this should be considered as business income only? Or can it be considered as capital gains?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 April 2016 I am not based in Bangalore contact a CA there he will advice you on going through your records.

vyas

vyas (Querist)
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02 April 2016 Thank you. Thought you too are CA. Will check with someone here.

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