Query regarding expenses which can be claimed

This query is : Resolved

Yuvraj Gulia (Querist)
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13 July 2022 One of my relatives did some intraday stock trading in last financial year, he is salaried, working in a company (office job: 9 AM to 5 PM).

He pays monthly broadband bills of his residential premises issued in his name via online mode but during market trading hours he was in the company office. However, for learning and planning of the intraday trades, he utilized the internet broadband connection of his residential premises.

Can he claim the expenses incurred towards monthly broadband bills of his residential premises?

What other expenses can he claim besides these expenses and apart from "Stamp duty", "Brokerage", "Securities Transaction Tax (STT)", "IGST", "SEBI turnover fees" & "Exchange transaction charges", with respect to this speculative business (intraday stock trading) income / loss?

Is it necessary to have proofs or invoices of all such expenses?

If some payment was made in cash for repair of laptop or buying its accessory utilized to learn and plan the intraday trades but no invoice received, can he avail this expense?

Please respond in detail in an elaborative manner.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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13 July 2022 1. Proportionate broadband internet can be claimed.
2. Yes, assessee can claim all these expenses incurred in transaction of the trade, as business expenses.
3. Cash transactions cannot be authenticated, so difficult to claim.