Tax details: intraday trading in futures and options

[madhavareddy1203]

Was this all a ploy to draw attention to your Option Calls and project them as Super Return giving Rs.5/- Lakh as profit in a month !
It seems so to me ! What you have mentioned is you took 20 Lakhs from friends and relatives without documents so I presume it was in the form of CASH and you also must traded, if at all, in some "properitory" account and settled the Loss in Cash ! So there is no question of paying any Income Tax or filing a return. Its such a silly way to attract attention ! A person who can loose 20 Lakhs is asking on an open Forum where to seek Taxation Advise ... lolz its too much !!! I would have also accepted your post at face value had you not Posted the link to your Option Call thread ! And to top it you even posted a link to this thread in Derivative section!! Grow up man !!!!

everywhere we saw people like you... we dont care.... i dont want share my calls here... but some people gave good replies to me.. for them i posted calls to help them...
if u dont like just ********. i didnt took 20L at a time..... in 2 yrs i lost. recvering from 3 months...

aisa kutthe sab jagaha rahtha hee .. time pass keliye.... ok.. i will stop calls... no need to spare time for calls..

and once again thanks guys who gave replys to mee.....

 

[madhavareddy1203]

Was this all a ploy to draw attention to your Option Calls and project them as Super Return giving Rs.5/- Lakh as profit in a month !
It seems so to me ! What you have mentioned is you took 20 Lakhs from friends and relatives without documents so I presume it was in the form of CASH and you also must traded, if at all, in some "properitory" account and settled the Loss in Cash ! So there is no question of paying any Income Tax or filing a return. Its such a silly way to attract attention ! A person who can loose 20 Lakhs is asking on an open Forum where to seek Taxation Advise ... lolz its too much !!! I would have also accepted your post at face value had you not Posted the link to your Option Call thread ! And to top it you even posted a link to this thread in Derivative section!! Grow up man !!!!

FYI.. im not trading options........ i trade in stock futures and nifty futures...

I followed 3 methods... swrc method is very imp.

for some people i posted option call.. for intrday for small targets...

 

[ganeshams]

you meant to say you gave those calls for others, and you are not trading them ??
and also could you please explain your strategy based on which you gave these calls?

 

[ashu1234]

Hi,
Here's what I.T department do -- On any account in which you make a profit above 2 lacs, and haven't paid tax, they will send you a legal notice, may be after 2-3 years when the income was incurred. You have to pay tax as per the income tax slab, so other income will be clubbed. Now its your duty to classify how you make this income, In day trading whatever you earn or loose comes under head Short Term Capital Gain/Loss. Suppose you loose 10 lacs in year FY-2011 you can setoff those losses with that years income only, you are not allowed to carryforward those losses. So past losses cant be set off against the current profit as they come under STCG. One more thing if you can show on papers that Trading is your business, you can then charge normal business expenses against the profits, thereby saving your net tax liabilities.

 

[rh6996]

everywhere we saw people like you... we dont care.... i dont want share my calls here... but some people gave good replies to me.. for them i posted calls to help them...
if u dont like just ********. i didnt took 20L at a time..... in 2 yrs i lost. recvering from 3 months...

aisa kutthe sab jagaha rahtha hee .. time pass keliye.... ok.. i will stop calls... no need to spare time for calls..

and once again thanks guys who gave replys to mee.....

Well your behaviour speaks for itself !
Maybe your reaction shows your upbringing.... or your hidden agenda !

 

[rh6996]

FYI.. im not trading options........ i trade in stock futures and nifty futures...

I followed 3 methods... swrc method is very imp.

for some people i posted option call.. for intrday for small targets...

Why are you clarifying !? Let him be..... !

 

[umeshmandal]

everywhere we saw people like you... We dont care.... I dont want share my calls here... But some people gave good replies to me.. For them i posted calls to help them...
If u dont like just ********. I didnt took 20l at a time..... In 2 yrs i lost. Recvering from 3 months...

aisa kutthe sab jagaha rahtha hee .. Time pass keliye.... Ok.. I will stop calls... No need to spare time for calls..

And once again thanks guys who gave replys to mee.....

माधव रेड्डी1203 , बौखला गए हो भाई ! इसे कहते हैं चोर की दाढ़ी में तिनका !

:d

 

[a1b1trader]

Hi,
Here's what I.T department do -- On any account in which you make a profit above 2 lacs, and haven't paid tax, they will send you a legal notice, may be after 2-3 years when the income was incurred. You have to pay tax as per the income tax slab, so other income will be clubbed. Now its your duty to classify how you make this income, In day trading whatever you earn or loose comes under head Short Term Capital Gain/Loss. Suppose you loose 10 lacs in year FY-2011 you can setoff those losses with that years income only, you are not allowed to carryforward those losses. So past losses cant be set off against the current profit as they come under STCG. One more thing if you can show on papers that Trading is your business, you can then charge normal business expenses against the profits, thereby saving your net tax liabilities.

My dear friend
Please get your basics clear.
The day trading and STCG/L are totally different heads.

The income/loss from day trading in equities (cash) is income/loss from speculation and speculation loss from day trading can be adjusted with speculation income only and none else.
And income/loss from intraday and positional trading in derivatives (F&O) is income/loss from business.
The income/loss from equities (cash) if held for less than 1 year is Short term capital gain/loss.
And The income/loss from equities (cash) if held for more than 1 year is Long term capital gain/loss.

 

[ashu1234]

My dear friend
Please get your basics clear.
The day trading and STCG/L are totally different heads.

The income/loss from day trading in equities (cash) is income/loss from speculation and speculation loss from day trading can be adjusted with speculation income only and none else.
And income/loss from intraday and positional trading in derivatives (F&O) is income/loss from business.
The income/loss from equities (cash) if held for less than 1 year is Short term capital gain/loss.
And The income/loss from equities (cash) if held for more than 1 year is Long term capital gain/loss.

Sorry by day trading income/losses I actually meant BTST trades in equities which come under STCG. Since he is trading in derivatives it should under head income/loss from business.

 

[gkpc]

everywhere we saw people like you... we dont care.... i dont want share my calls here... but some people gave good replies to me.. for them i posted calls to help them...
if u dont like just ********. i didnt took 20L at a time..... in 2 yrs i lost. recvering from 3 months...

aisa kutthe sab jagaha rahtha hee .. time pass keliye.... ok.. i will stop calls... no need to spare time for calls..

and once again thanks guys who gave replys to mee.....

Hi Madhava Reddy ! Wow, great use of alphabets!!! Were you kicked out of the MNC for using such filthy language !!??? And I simply fail to understand, why calling someone a Dog is less offensive and calling him 'kutte' more abusive !?? Entire message is in English and the moment an abusive word was required HINDI jumps in!! :rofl: Better have more control on your emotions as they are "major" component of a Traders success !!!