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Capital Gain Intraday Transcation

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Private
265 Points Joined June 2019
Sir,

please provide your valuable advise I am salary person I don't have any business income. i have some Capital Gain from stocks and mutual fund. I don't done f&o and no intraday only delivery basic Transcation. but I did one single Transcation Rs.547/ purchase and 477/- sale through intraday. Can I go for ITR2 it's very small amount. disclose all under Capital gain.

please advise.
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On 04 March 2024 at 08:06 Report
Replies (11)
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Finance
4566 Points Joined September 2020

Section 111A for short-term capital gains, you can file ITR2. You can setoff losses against STCG or you can carry forward the loss till 8 years 

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On 04 March 2024 at 16:44
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Private
265 Points Joined June 2019
Can we show one intraday Transcation In ITR2
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On 04 March 2024 at 17:29
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Finance
4566 Points Joined September 2020

IF YOU DONT HAVE BUSINESS INCOME OR ELSE ITR3

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On 04 March 2024 at 17:33
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Chartered Accountant
355 Points Joined March 2013

As Per Provisions of Income Tax Act 1961 You have disclose Gain from Intraday Transaction as Speculative Business Income. 

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On 04 March 2024 at 21:39
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Chartered Accountant
86505 Points Joined April 2011
Intraday transaction are of speculative nature and same is to shown as business income.

There will be no impact if you show such transaction in ITR-2 under capital gain head but it is highly recommended to show it in correct head and file ITR-3.
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On 05 March 2024 at 02:46
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Profession Business
28196 Points Joined May 2017
Itr 2 or itr 3 selection depends on many factors
1 Reply
On 05 March 2024 at 09:13
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Finance
4566 Points Joined September 2020

no doubt, tax principles written are skewed

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On 05 March 2024 at 09:40
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
@ Vaneet Monga,

ITR 3 is only applicable for the income. It is not a matter that we have small amount or big amount.
As per Your trading ITR 3 is must.

otherwise IT dept send notice about the income filing.
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On 05 March 2024 at 10:17
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Chartered Accountant
86505 Points Joined April 2011
Department will not issue notice for such a petty amount but it is not lawful or unethical
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On 05 March 2024 at 21:41
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Private
265 Points Joined June 2019
Thank you Mem,
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On 06 March 2024 at 09:14
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Chartered Accountant
86505 Points Joined April 2011
Welcome 🤗🤗🤗
2 Reply
On 06 March 2024 at 11:33

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