Consideration for stcg

ITR 98 views 3 replies

37 PAMPA

Retiree

23 Points Joined June 2017

I am a retiree and do a bit of day trading in addition to investments.

My doubt is about calculation of STCG for the gain/loss of intrady trades. As I am not taking delivery of Stocks in the intraday trading part for calculation of STCG can I skip these trades for record and only take the value of loss/gain in to account. i.e whether I can skip the 'Fist in first out" rule for the intraday trades, and carry forward only the delivery shares for calculation of STCG/LTCG depending up on the period of holding is less than a year or More?

Regards

NJayakumar

Replies (3)

neeraj gupta

1138 Points Joined March 2017

Mr Jayakumar, what you have mentioned is the recommended way as well. The contract note from your broker would have already done this for you. so you can just use that.

37 PAMPA

Retiree

23 Points Joined June 2017

Thank You Neeraj for your clarification. Hope it should be authentic. During the past few years I was unnecessarily wasting time editing correcting and calculating all the trades for calculation of STCG and LTCG. Once again thanks a lot.

Regards

NJayakuymar

neeraj gupta

1138 Points Joined March 2017

I understand your concern Mr Jayakumar. In terms of finding authentic info, nothing will satisfy u more than confirming what Act etc is involved and reading yourself, and then deciding whether you will be able to defend you intent and legality of your actions. I shared the one, which I feel I can defend about. However there are two documents where you can read the related sections, one is IT Act and other is ICAI published guidelines. However be prepared because some finer details will still be missing. So having a defensible intent and action can be your final recourse.