Fire your tax related queries and i would get it solved!!!

[diosys]

Praveen taneja,

You only need to pay capital gains tax 15% flat if you 'buy date' and 'sell dates are lesser than a year. No tax for the gains if you are holding for more than 1 year from buy date.

Also like to tell you that the question is not clear, did you sell your portfolio and taken the losses? or still holding all?

Diosys will come and conclude this.

Hari.

Very true Hari.....Imp question raised by you....

 

[praveen taneja]

Dear Praveen

this question has different answers depending on what type of loss was incurred (business or capital gain), which year it was incurred, was the return filed in time ???

I would not be able to give you the correct answer without these parameters...

I say so because if there is a loss in a year and the return has been filed before due date then the same loss can be carried forwarded and claimed from next years income....

However to simply answer your question....

Suppose u started with 100 and are now left with 40 - 60 loss...

Now next year the 40 goes up to 90 then off course tax would be required to be paid on the 50 IF the previous loss return was not filed on time....Hope you got it....

ok thnx sir got it now actually i booked loss when mkt was going down very fast at 16k n after that doing only day trading or max position 2-3 days n that too in options
so u mean if my capital raise back to my investment i hav to pay tax @ 15%
but from that can i deduct my exp like electricity bill n broadband exp as i m using it for my business too??
and one more thing after deducting that 15% short term gain will my income b tax free or that would again go to my taxable income n result in double taxation
sorry for troubling u by asking u my silly questions

 

[diosys]

ok thnx sir got it now actually i booked loss when mkt was going down very fast at 16k n after that doing only day trading or max position 2-3 days n that too in options
so u mean if my capital raise back to my investment i hav to pay tax @ 15%
but from that can i deduct my exp like electricity bill n broadband exp as i m using it for my business too??
and one more thing after deducting that 15% short term gain will my income b tax free or that would again go to my taxable income n result in double taxation
sorry for troubling u by asking u my silly questions

Dear Praveen,

15% tax is on capital gain and not business income.....If you are to claim such expenses then it would be under the head of business income where there is no flat rate of taxation....Hence for that the total income of the person for the year is to be seen.

If you go for flat rate of taxation (which according to me you cannot go since future trading) then such expenses cannot be claimed....

 

[hulo]

Dear Vishal.

Please understand that tax is not payable on turnover its payable on Income....Turnover is not Income....

As you have stated that you have incurred so much loss then i can safely presume that there would be no income and hence no income tax payable by you on the same....

Turnover is not the criteria for filing if Income tax...

thankyou very much for your reply sir but sir i want to know what now after doing this big turnover i file my tax return then showing a loss of 1 lack of rs, this is a shot term capital lose which is cariid forward to next fainacial year?

and dose big turn over also include some invisible tax?

and i heared that stt i given on my turnover is also refundable!! ,

sir i would be very thankful to you if u help me and through some light on it m waiting for your reply thank you

 

[diosys]

thankyou very much for your reply sir but sir i want to know what now after doing this big turnover i file my tax return then showing a loss of 1 lack of rs, this is a shot term capital lose which is cariid forward to next fainacial year?

and dose big turn over also include some invisible tax?

and i heared that stt i given on my turnover is also refundable!! ,

sir i would be very thankful to you if u help me and through some light on it m waiting for your reply thank you

Dear,

If you have regularly done trading then it is nor cpaital gains but business income....Carried forwarded losses are allowed only if return filed in time. For FY 2007-08 the time to file returns has already expired hence this loss cannot be carried forwarded...

Secondly STT is definitely definitely not refundable !!!

 

[hulo]

Dear,

If you have regularly done trading then it is nor cpaital gains but business income....Carried forwarded losses are allowed only if return filed in time. For FY 2007-08 the time to file returns has already expired hence this loss cannot be carried forwarded...

Secondly STT is definitely definitely not refundable !!!

thax for reply sir but i m having loses so that lose is business income?
i am confused plz through some light on it

thank you

 

[diosys]

thax for reply sir but i m having loses so that lose is business income?
i am confused plz through some light on it

thank you

Yup, that loss is business loss and can be carried forwarded for 8 years PROVIDED the return is filed in time.

Time limit for each FY return in 31st July of every year....For FY 2007-08 it was 31st July 2008

 

[trader31339]

Freinds.........

I am confused.....income from day trading is speculative income or general business income.....and what is the rate of tax for speculative income....

I do not have any other profession ie I trade for living.....

Thanks in advnace.

 

[diosys]

Freinds.........

I am confused.....income from day trading is speculative income or general business income.....and what is the rate of tax for speculative income....

I do not have any other profession ie I trade for living.....

Thanks in advnace.

Income from day trading is speculative income.....However F&O day trading is NOT speculative income....

Further there is no separate rate for speculative income.

 

[prestonmyers2]

Hello Sir,
Please help me!!, I opened a trading account in the year 2005. From 2006 till this month I did not do any buy/sell. In the meantime I have started working abroad I work on oil rigs I am away from India for more that half the year. I want to know is it ok for me to invest through this account or should any changes be made. Can a demat account be changed to NRI status? if need be? I work 4 weeks out of the country and then get 4 weeks leave I do not actually live abroad just work there (on the rig out at sea)
due to travel time to and fro and also sometimes I have to go for training I spend more that half the year out of India. I want to know what I should do about this account of mine should I open a new trading account? whenever I deposit money into this account I do it with a NRI cheque.
Please help,
Thanks & Regards,
Preston.