Capital gains or speculative
This query is : Resolved
12 July 2013
If Shares are purchased and sold on the same day then it is Speculative Income or Loss.
However if shares are sold on the next day, then whether it is Speculative Income/Loss or Capital Gains since delivery is generally received in T +2 number of days and as per Section 43(5), transactions without delivery are speculative.
So if shares are purchased today and sold tomorrow, it will be without delivery and at the same time it is not intra day or day trading, so whether it will be speculative business income or Capital Gains
However if shares are sold on the next day, then whether it is Speculative Income/Loss or Capital Gains since delivery is generally received in T +2 number of days and as per Section 43(5), transactions without delivery are speculative.
So if shares are purchased today and sold tomorrow, it will be without delivery and at the same time it is not intra day or day trading, so whether it will be speculative business income or Capital Gains
12 July 2013
It will be speculative business income.
12 July 2013
Thank You Tushar...so how will you determine from the details of transactions received from your broker as to which are with delivery and which are without delivery as no such details is mentioned by them in their Report
12 July 2013
Then kindly ask for brokers note from broker or ask them for sep statement which they usually maintain with them.
Message likes :
1 times
12 July 2013
I have salary income and Speculative Business Income and Capital Gains...for which I will have to file ITR 4, so is filling in the Profit and Loss Account and Balance Sheet mandatory in ITR 4 when I have no other business?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Payment of bonus act - notice pay recovery
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
