If some one has made a intra day transaction in share and he earned profit on it.
whether it is taxable under the head of PGBP or capital gain.
Please clarify it with relevant provision of income tax Act.
Profit/loss on intra day transaction of share
Replies (3)
depends on the kind of business he is having. if he is in the business of trading then taxable under PGBP Otherwise CG
Income from Intraday transaction can’t be regarded as investment and any income earned from intraday transaction is taxable under PGBP
Further
- Intraday transaction in equity market is to be considered as Speculative business
- Intraday transaction in derivatives is to be considered as normal business
Thanks....
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