If I have short term capital gains(STCG) of Rs. 6300 from investing in stock market,
then I have to file ITR or not ?
6 Replies
PARESH SHAH
(PARTNER)
(126 Points)
Replied 17 March 2018
if your other income including above income is below taxable limit no need to file return
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 18 March 2018
how you decided it as stcg? suppose, if it falls under the business head, then if your total turnover in share trading exceeds 1 crore, you need to offer minimum 6% of turnover as your total income from share trading or your sharetrading business should be audited
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 18 March 2018
Example : Mr. A brought shares in BSE stock exchange in November for 163980 and sold them in March realising a gain of 6300.
this is the only income he have.
Nov he has to file return or not ?
this is the only income he have.
Nov he has to file return or not ?
Nikhil Kaushik
(Fellow CA)
(85748 Points)
Replied 18 March 2018
| Originally posted by : RAMAKRISHNAN R | ||
 |
how you decided it as stcg? suppose, if it falls under the business head, then if your total turnover in share trading exceeds 1 crore, you need to offer minimum 6% of turnover as your total income from share trading or your sharetrading business should be audited |  |
Even if that is the case, as long as the income is below the exemption limit, the audit wont be required. Similarly, even tax return filing is not required.
Nikhil Kaushik
(Fellow CA)
(85748 Points)
Replied 18 March 2018
| Originally posted by : chamarthi venkatesh | ||
|
Example : Mr. A brought shares in BSE stock exchange in November for 163980 and sold them in March realising a gain of 6300.this is the only income he have.Nov he has to file return or not ? | |
Not required to file the return. In case you decide to file, please use ITR-2..
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 18 March 2018
for auditing u/s. 44AB, essential factor is turnover and not the total income. so if the turnover exceeds 1 crore, auditing is mandatory and even if the turnover is less than 1 crore, it is mandatory to declare 8% of turnover orelse auditing is required... as of now, this is the settled law
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