24 July 2018
SIR, During F.Y. 2017-18, An individual Senior Citizen, has made transactions of buy and sell of shares/stocks, as per mentioned below. :
Total intra-day buy value is Rs. 6,40,000. Total intra-day sell value is Rs. 6,44,800. Total intra-day profit is Rs. 4,800. Total intra-day loss is Rs.1,100. Thus, the net intra-day profit is Rs. (4,800 - 1,100) = Rs. 3,700.
In the same way, Total delivery based buy value is Rs. 3,22,000. Total delivery based sell value is Rs. 6,000. There is no any profit made from delivery based sell of any script. Short term capital loss from such delivery based sell is Rs.80 only.
HE DOES NOT HAVE ANY OTHER BUSINESS AND PROFESSION INCOME. HE HAS ONLY PENSION, INTEREST AND DIVIDEND INCOME OTHER THAN THIS INTRA-DAY PROFIT. ----------------------------------------------------------------------------------------------------------
Q-1 He has not made any profit from delivery based sell . Only loss.
Now, if he does not want to take set off the short term capital loss of the small amount (Rs.80 only), made from delivery based sell, then, Can he file his return in ITR-1 ? And can he show the net intra-day profit (Rs. 3,700), as income from other sources ? Will it be OK ?
*((Because, ITR - 2,3 & 4 are very lengthy, detailed and complex forms, and besides,he does not keep accounts of his transactions. So, he does not have details of cash balance, creditors, debtors, and stock of shares in trade, etc.))* --------------------------------------------------------------------------------------------------------
Q-2 HIS NET INTRA-DAY PROFIT IS ONLY Rs.3,700. Is it compulsory to file return in ITR-3, just because of the small INTRA-DAY PROFIT of Rs.3,700 only ?
CAclubindia
