If I have short term capital gains(STCG) of Rs. 6300 from investing in stock market,
then I have to file ITR or not ?
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Itr filing
Replies (6)
if your other income including above income is below taxable limit no need to file return
how you decided it as stcg? suppose, if it falls under the business head, then if your total turnover in share trading exceeds 1 crore, you need to offer minimum 6% of turnover as your total income from share trading or your sharetrading business should be audited
Example : Mr. A brought shares in BSE stock exchange in November for 163980 and sold them in March realising a gain of 6300.
this is the only income he have.
Nov he has to file return or not ?
this is the only income he have.
Nov he has to file return or not ?
| Originally posted by : RAMAKRISHNAN R | ||
 |
how you decided it as stcg? suppose, if it falls under the business head, then if your total turnover in share trading exceeds 1 crore, you need to offer minimum 6% of turnover as your total income from share trading or your sharetrading business should be audited |  |
Even if that is the case, as long as the income is below the exemption limit, the audit wont be required. Similarly, even tax return filing is not required.
| Originally posted by : chamarthi venkatesh | ||
|
Example : Mr. A brought shares in BSE stock exchange in November for 163980 and sold them in March realising a gain of 6300.this is the only income he have.Nov he has to file return or not ? | |
Not required to file the return. In case you decide to file, please use ITR-2..
for auditing u/s. 44AB, essential factor is turnover and not the total income. so if the turnover exceeds 1 crore, auditing is mandatory and even if the turnover is less than 1 crore, it is mandatory to declare 8% of turnover orelse auditing is required... as of now, this is the settled law
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