Tax audit - Capital gain on shares trading
This query is : Resolved
Quick Summary
25 June 2022
Dear Sir / Madam,
During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.
The sales value of shares trading is as follows:
Speculation - Rs. 18,46,034/-
Short Term - Rs. 1,97,70,738/-
Long Term - Rs. 1,71,863/-
============================
Total Sales value / Turnover - Rs. 2,17,88,634/-
Will he be liable for Tax audit in this case?
Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?
Kindly guide.
Thanks & Regards,
Suraj
During FY 2021-22,Mr A was earning professional income. Besides this, he was also trading in shares.
The sales value of shares trading is as follows:
Speculation - Rs. 18,46,034/-
Short Term - Rs. 1,97,70,738/-
Long Term - Rs. 1,71,863/-
============================
Total Sales value / Turnover - Rs. 2,17,88,634/-
Will he be liable for Tax audit in this case?
Secondly, what if Sale value of Short term trading alone exceeds Rs. 2 Crore, will the tax audit be applicable then?
Kindly guide.
Thanks & Regards,
Suraj
CA R SEETHARAMAN
(Expert)
26 June 2022
Show gains on short term and long term trading as capital gains short term and long term.
Tax audit not applicable.
Tax audit not applicable.
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CA R SEETHARAMAN
(Expert)
26 June 2022
You are welcome..
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