Taxation of shares & derivatives
This query is : Resolved
08 October 2009
consider the following scenario:
Mr.X is a civil contractor and he invests Rs.5,00,000 with Y, a stock broker for conducting day trading in shares and options.so, the issue is
1. Under what head of income be profits from day trading be considered ?
2.How to compute profits in case of day trading from the statements given by the stock broker?
3.If it a loss can it be set-off and carried-forward?
Mr.X is a civil contractor and he invests Rs.5,00,000 with Y, a stock broker for conducting day trading in shares and options.so, the issue is
1. Under what head of income be profits from day trading be considered ?
2.How to compute profits in case of day trading from the statements given by the stock broker?
3.If it a loss can it be set-off and carried-forward?
08 October 2009
Profit will be difference between buy and sell rate. The broker reports should display the same.
The income will be from Capital Gains.
Loss can be carried forward and set off subject to provisions of income tax act.
The income will be from Capital Gains.
Loss can be carried forward and set off subject to provisions of income tax act.
Message likes :
1 times
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?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
Trending Online Classes
CAclubindia
