I am a very casual trader in Stocks. I try to invest in Table A stocks only. I just want to know the Nomenclature as per income Tax Act for following transaction:
I bought Reliance Industries 15 nos. @ Rs. 795/- and gave target to Broker that to keep Stop Loss of 780/- and Target for Rs. 820. Now by fluke Target got achieved on the day of purchase. My capacity and intention was to take delivery and wait for target. But as the target got hit and shares got sold. So would it be termed as Speculative Transactions or Investments sale. As my intention was to take delivery and to earn short term capital gain.
08 August 2013
It will be treated as speculative transaction since delivery was not taken. The intention is not important. Actual transaction will be seen.
CAclubindia
