Lila (Job) (490 Points)
10 September 2020Hi
Can someone please share format of Balance sheet and P/L of a FnO trader, who is otherwise a salaried person.
Shares were pledged for FnO trading, but we are planning to treat the gain as capital gain as frequency of share trading is not very high. Should such shares be shown on the asset side of FnO Balance sheet? or can we treat them as personal assets and not show in business balance sheet.
Lila
(Job)
(490 Points)
Replied 11 September 2020
Further, I have a specific query on sales and purchase to be shown in ITR 3. Eg - Profit in FnO is 200,000, Loss 350,000 and Premium received is Rs. 15,00,000. So as per Turnover definition for Fno, my turnover become 20,50,000.
Now, what amount should be shown in itr 3 as turnover and in where. If we have to show 20,50,000 as turnover, what else to be booked as expenses, so that we get 1,50,000 as loss (which is my actual net loss from FnO trading) .
Experts view on these queries will be highly appreciated.
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