Speculative profit on share trading
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 August 2018
The asssseee salaried employee during the year has got speculative gain on sale of shares. Sale price 90 lacs cost 88 lacs net gain Rs.2 lacs. Whether to show as Income from business or other sources. Whether Tax Audit be applicable .
Rajkishore Paul
(Expert)
16 August 2018
Income will be shown 'Income from Capital Gains/loss on sale of investments'. ITR 2 return to be filed. Declaration to be produced in schedule ‘AL’ of value of assets and liabilities if total income exceeds Rs 50 lakhs.
Nikhil Kaushik
(Expert)
16 August 2018
dear Paul. Please advice properly. Speculative income will be covered under business income. Plus the income is only Rs 2 lakhs. So how did it exceed Rs 50 lakhs?
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