Have invested some amount in stock market after borrowing it what will be the tax treatment and is it mandatory for filing return as income doesn't cross the basic exemption limit of 250000 but the investment made is around 2 lacs borrowed some in cash some via account transfer.
Please suggest the best answer as have read that it is mandatory for share holders to file returns
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Regarding filing of return
Replies (9)
You need to file return.
Yes it is mandatory to file return .
Capital gains which arises due to transfer of capital asset as per defination of capital asset as per sec 2(14) Of the income tax act 1961.
Capital gains which arises due to transfer of capital asset as per defination of capital asset as per sec 2(14) Of the income tax act 1961.
But capital gain is still unrealized yet which been accrued and some losses are incurred while realizing the same cuz of selling some shares at losses in short term just for the sake of avereaging out the shares held
If your total income is not more than maximum amount not chargeable to tax and turnover in share trading is less than 1 lakh, there's no requirement to file return of income
As the investment is already about 2lacs plus unrealized profit and loss which is accrued so the return to be filed that is upto 31st march 2020 was within the limit of 1lacs and after that it was increased please guide me regarding the same and also if possible kindly provide the contact the charted accountant for the same in delhi ncr
Can't understand your above query
@ ashish contact me @ cakkpadmanabhan @ gmail.com
Whether you made intraday trading or are holding stock for some time?
Did intraday and also holding stocks is their any difference in tax treatment ?
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