Stock trading income tax
shankar mazumder (stock trader) (49 Points)
28 March 2017shankar mazumder (stock trader) (49 Points)
28 March 2017
Studentsca
(CA Practice )
(3577 Points)
Replied 28 March 2017
shankar mazumder
(stock trader)
(49 Points)
Replied 28 March 2017
On real esate LT gain, I understood clearly.
I was given to understand that there are 2 different ways to file the IT return - as a trader or as an investor.
Definition: F&O+Intraday+Stock = Trader, Only stocks = Investor
If I file IT return as a trader and show everything as business or professional income then all my gains (stocks, f&o & intraday) are clubbed together and I can also take the advantage of IT slab (0-2.5, 2.5-5L etc) as well. I can also carry forward by losses to be offset in next 8 years.
If I file my return as investor that I will have to simply pay uniformly 15% on all STCG (stocks) and there is no slab or exemption. Kindly clarify
Studentsca
(CA Practice )
(3577 Points)
Replied 28 March 2017
shankar mazumder
(stock trader)
(49 Points)
Replied 30 March 2017
Thanks for your earlier replies. In continuation to my questions. -
The long term gain made on real estate was a personal property and is not related to my business or profession as trading.
Hence can I file ITR 2 separately for long term gain from the real estate transaction and the exemption details.
And separately fill ITR4 to file my short term gains (stocks, F&O & intraday) and carry forward losses to take advantage during the next fiscal year. Kindly reply
Studentsca
(CA Practice )
(3577 Points)
Replied 31 March 2017