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Intraday gain/loss on buy/sale of shares

27 April 2020

how to treat the gain/loss arising from trading of shares intraday for a pensioner who is drawing pension and interest on bank deposit.

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5 Replies

PRAVIN AGRAWAL (PROPRIETOR) (76 Points)
Replied 27 April 2020

Dear sir,

Intraday trading is without any delivery which means it's a speculation income. It has to be taxed under the head business and profession.

Tax will be payable based on the threshold limit for individual.

If you are satisfied, kindly drop email to capravin87 @ gmail.com

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Kiran Hathalia (837 Points)
Replied 28 April 2020

Perfectly said by Pravin. Further, losses of such speculation business can set off only against the speculation incomes and the loss can be carried forward to 4 assessment years only.

SUSHANT BIDAYE (597 Points)
Replied 28 April 2020

And you have to file itr 4 for business income

Akash Gupta (135 Points)
Replied 09 May 2020

But to show losses u have to audit Beccoz income is less than 6per

Subbiah Mathurappan (139 Points)
Replied 09 May 2020

Thanks for your reply. It seems the reply is incomplete. If you give in detail I will be able to understand. Moreover, I would like to mention that I had incurred a loss of a ₹6000 only in the last fin.yr. In that cade, is it necessary to audit my account. Expecting your reply with thanks.