Income tax related

This query is : Resolved

jinesh (Querist)
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21 May 2014 Dear sir,
I want to know one of client has earned 50 lacs arounf election days from stock market. he comes to me. unexpectedly he has gained alot. he is small investor. he does have such income which is chargeable to tax. but around election days he gained 50 lacs profit from stock market. he never files return. what should he do? he does not want to pay any tax on it. how i save him from tax.

whether he should invest in residential property or gift some rupee in blood relation or investment in NHai or rec bonds/ plot of lands? how to save him from income tax department. how he take amount from share market. there is huge amount passes though bank then what recourse he should adpot to avoid legal formalities and enjoys the full amount by investing in some better tax saving option.

please it is very urgent. if i file the return then which ITR is to be files how much tax shall be paid for this amount?

if he want to avoid then what to do? what are legal repurcussions to avoid and not to show and File ITR?
if we have to pay tax then what is tax rate, amount, iTR for filing and in which A.Y. it is considered?

se give me clear cut ans with finacial figure as well as from tax angle?
Thanks in advance.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 May 2014 i believe this icnome is shoter term capital gains in nature...so no exemption is available...need to pay the tax liability. ITR2 should be sufficient...

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jinesh

jinesh (Querist)
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21 May 2014 if it is long term and traded through recongnised stock exchange and STT is paid then what would be position?

can u explain the STCG tax rate for this amount.this is generated in this year how to deposit the tax on the same? any advance tax should be deposited? when the return should be fild pls explain in detail.

thanks

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Rupesh Jain

Rupesh Jain (Expert)
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21 May 2014 if it is long term then it will exempt.
but if it is short term then you have to deposit the tax. as per advance tax quarterly deposit by individual.

rate of STCG @ 15% +3% cess
total tax amount will deposit as follows:

up to 15 sept 30% of tax
15 dec. 60%
15 March 100%
if your tax come rs. 10000/- in year then you have to deposit the advance tax

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jinesh

jinesh (Querist)
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21 May 2014 Dear Rupeshji,

Thnaks

Please help me in this case what to do if he gets Rs. 50 lacs in this A.Y.

How i can i planout tax and how much he has to deposit and which ITR is applicable on it?
Please help me.

second question

my frd is daily earing 1k to 2k in share market. he doesnt want to file ITR. if i insist him to file then how to file and what to show in income. he has only this income. how to pay advance tax on it. it is more than 10000. so please suggest me the way for which ITR and what amount i have to show under C.G. head.

Please advice practically.