Whehther to file the return if son is played with shares fr

1 Amount transferred by son to mother is not taxable under the income tax act. So no taxabiltiy arises.

2 If short term capital gain is only 30000 in a year, and you have no other income during the year, you are not liable to file return of income. As income does not exceed the maximum amount chargeable to tax before deduction.

3 But you can file your return voluntary, no compulsion. Any person who has any income not exceeding maximum chargeable to tax can file his return voluntary.

Originally posted by : CA Ashish Barthwal
	1 Amount transferred by son to mother is not taxable under the income tax act. So no taxabiltiy arises. 2 If short term capital gain is only 30000 in a year, and you have no other income during the year, you are not liable to file return of income. As income does not exceed the maximum amount chargeable to tax before deduction. 3 But you can file your return voluntary, no compulsion. Any person who has any income not exceeding maximum chargeable to tax can file his return voluntary.

Thanks a lot , You make my day..!! Thanks a lot..!!

 

welcome dear.

Dear Saxenaji,

Ashish has rightly answered your question, that you are not liable to tax, and need not have to file income tax return, but as you have told that the money was transferred to you from your son and on that you have earned Short term capital gain tax of Rs.30000/-. Clubbing Provision will get attract and this Rs.30000/- will get taxable in your son hand

Regards

CA Vinay Parmar