Turnover for Tax audit

This query is : Resolved

Ravi Kumar Rajgaria (Querist)
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22 April 2009 I (individual) purchased shares during 2008-09 amounting Rs. 50 Lakhs and sold all amounting 52 lakhs. No opening/closing stock was there.
Pease tell i have to show in ITR as capital gain or business income? have i to get audit under 44AB.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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22 April 2009 IF u are engaged in the business of Share trading then business income (since capital assets are not stock in Trade)

otherwise capital Gains

Ravi Kumar Rajgaria

Ravi Kumar Rajgaria (Querist)
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22 April 2009 can i booked the income as capital gain? This is my first year of share trading. I am a salaried person.

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Brij Bhushan Sangal

Brij Bhushan Sangal (Expert)
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22 April 2009 No, as a salaried. you show that as capital gain only.