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Itr form for f.y.2018-19 for profit from selling intraday shares i.e. ipo shares

vinayak (accountant) (255 Points)

17 June 2019

Which ITR form needs to be filed if I am having small amount of intraday profit (Rs.3000) and salary income of Rs.3 lacks (non taxable after deductions) for F.Y.2018-19 ? Will i have to pay tax on intraday profit on sale of shares even though my salary income is below taxable limit?
I purchase shares from IPO subscripttion and sale them within a week on which I have incurred profit of Rs.3000.

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6 Replies

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 17 June 2019

You have to file ITR 3 if you have salary income and intraday profit or loss from shares

1 Like

Navin Agarwal (354 Points)
Replied 17 June 2019

salary 3 lakh
pgbp 3000
if you have deduction of even 3000 you will not have to pay a single rupee tax

1 Like

Om Goyal (445 Points)
Replied 17 June 2019

ITR - 2 . as it is a short term gain not from intra day but from invstmnt after taking del. from Ipo., hence will be added in ur income. u can claim any saving or in any internet on old nsc which is treated as saving.
u are eligible for TAX Rebate u/s 87 - A up to a income of 3.50 Lakhs , Hence nil Tax pl

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SP Singh (18 Points)
Replied 17 June 2019

Is it not considered as Speculative business...?

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CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 18 June 2019

profit and gains from intraday trading is of speculative business hence ITR 3 is to filed. If you buy and hold shares and sell within one year or after one year then use ITR 2

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vinayak (accountant) (255 Points)
Replied 25 June 2019

In which column should I mentioned income from sale of shares purchased through IPO listing in ITR 2. What details I required to mention ? Should i Directly mention profit or I have to mention purchase sale and shares details also?