Turnover for Tax audit
This query is : Resolved
22 April 2009
I (individual) purchased shares during 2008-09 amounting Rs. 50 Lakhs and sold all amounting 52 lakhs. No opening/closing stock was there.
Pease tell i have to show in ITR as capital gain or business income? have i to get audit under 44AB.
Pease tell i have to show in ITR as capital gain or business income? have i to get audit under 44AB.
22 April 2009
IF u are engaged in the business of Share trading then business income (since capital assets are not stock in Trade)
otherwise capital Gains
otherwise capital Gains
22 April 2009
can i booked the income as capital gain? This is my first year of share trading. I am a salaried person.
22 April 2009
No, as a salaried. you show that as capital gain only.
22 April 2009
It is a capital gain, If shares are held for not more than 12 months then Short Term capital Gain.
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