Under which head the Income will be classified
This query is : Resolved
28 June 2021
Mr. A opened a demat account in a bank and make share transaction through it. Some of the share transaction are intraday with out any delivery while others are transaction having with delivery. That the share transaction are carried on all through the year. That during the year such transaction have crossed the turnover limit u/s 44AB. I want to that under what head will the Income be taxed for transaction with delivery? Will it be capital gain or business/ Professsion? If it will be Business/ Profession how will the turnover be calculated. Please Guide.
What will be the case for Intraday Transaction?
What will be the case for Intraday Transaction?
CA R SEETHARAMAN
(Expert)
28 June 2021
Transaction with delivery will be capital gain.
Intraday transactions are speculative transactions. Turnover calculated based on sum of gains and losses.
Intraday transactions are speculative transactions. Turnover calculated based on sum of gains and losses.
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