Turnover for Tax audit
This query is : Resolved
Ravi Kumar Rajgaria
(Querist)
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.
Manmohan ACA, CS
(Expert)
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
Ravi Kumar Rajgaria
(Querist)
22 April 2009
can i booked the income as capital gain? This is my first year of share trading. I am a salaried person.
Brij Bhushan Sangal
(Expert)
22 April 2009
No, as a salaried. you show that as capital gain only.
Taranjit Singh
(Expert)
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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