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Stock income + other income

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This query is : Resolved

Rajesh (Querist)
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31 May 2015
Hi !

Sir i want to ask you about stock income if anybody trade as a intraday trading for one year and his buying and selling Transaction goes above 1 cr. but the profit is only 1 lac and from other income his profit is 1 lac so then what will be the income tax slab for that and audit will be held for that case and tax will be charge ?

2. if he trade delivery basis and his selling transaction is below 1 Cr. and income is 1 Lac what will be treated by income tax rule ?

3. if his trade intraday or delivery transaction is above 1 Cr. and still income is 3 Lac and loss are 2 lac then what tax and audit will be ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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31 May 2015 For situation 1 and 3, audit is compulsory is the intra day turnover crosses Rs 1 cr.

Delivery trades are covered under capital gains/losses

In option 2, is trades are delivery based only, there wont be any tax, the person will have to file ITR2 provided there is no other business income

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