Tax calculation for share trading

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Please through light on matters listed...

 

1) income from salary - 10 lac

2) Income from delivary based share profir within year - 0.8 lac

3) Loss from intraday - 0.4 lac

4) Loss from F&O - 0.9 lac

5) Income from house property (second home) - (Negative -0.7lac)

 

Exception--

80C - 1 lac

Infra bond - 0.2 lac

House intrest  ( first home) - 1 lac

 

Please suggest how to calculate tax and which return form fileing ITR- 1/2/4???

Wating for response..........

 

 

 

Replies (1)

Loss from intraday will be considered as a speculative loss hence can not be adjusted aganist any  other income other than speculative income.

Loss from F&O transactions is considered as normal business Loss.

Short term capital gains those cases mentioned u/s 111A are chargeable @ 15% flat rate

So your taxable income will be

salary 10-0.7(house property loss)-1lakh(interest)=8.3

Short term capital Gains (sale of shares with in a year ) 0.8-0.8( extent to income setoff towards F&O loss).

SO total Income  8.3-1(80C)-0.2(80CCF infra bonds)= 7.1 lakhs

Tax liability =RS.76220( including cess)

 

Your income cosists of income/loss under the head Income from business or profession so You have to File ITR-4.

Note: 1.Business loss can't be adjusted against salary income.

          2.Loss from intraday can be carry forward for next 4 years.


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