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| Discuss Capital gains clarification required at the Taxation Matters within the Traderji.com - Discussion forum for Stocks Commodities & Forex; hello I am new to trading. is intra day trading a short term capital gain. ... |
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#1
15th February 2008, 02:56 AM
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Capital gains clarification required
hello I am new to trading.
is intra day trading a short term capital gain. what about btst on icici direct com. we do not take delivery but we n\buy and sell .ARE THESE SHORT TERM AT 10% AS WE PAY STt OR INCOME FOR THE YEAR FOR A SHORT TERM CAPITAL GAIN MUST THE SCRIP BE IN OUR DMAT ACCOUNT? I.E WHAT IS THE STAETING POINT FOR DETERMINING SHORT TERM CAPITAL GAIN . IS THE SCRIP TO BE HELD PHYSICALLY IE THE SCRIP COMES INTO OUR DEMAT FOR ONE DAY AND WE SELL THE SCRIP NEXT DAY IS IT A SHORT TERM? Last edited by dikki52; 22nd February 2008 at 03:15 PM. Reason: I HAVE FURTHER DOUBTS 
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#2
18th February 2008, 07:04 PM
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Re: Capital gains clarification required
Quote:
Regards, --Ashish
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#3
19th February 2008, 07:00 AM
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Re: Capital gains clarification required
Dear investor,
Profit/Loss incurred through intra-day selling is treated as Speculative profit/loss, hence it is treated as normal income for the year under consideration and you have to pay a tax at a normal rate. If the nature of intra day sales and purchase is like a business then in some case I.T. department would treat the said transaction as your business income.
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#4
19th February 2008, 07:49 AM
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Re: Capital gains clarification required
what i know is
intraday/atst/btst has 30% tax swing trading (less than a year) is 10% tax investing for 1 year and above is 0% (no tax)
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#5
19th February 2008, 07:48 PM
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Re: Capital gains clarification required
Tax applicability would depend on whether its related to stock-in-trade or investments.
As for traders, all profits would be taxable (including long term) as business income @ 30% As for Investors, all short term gains (less than 1 year) would be taxed @ 10% and nil on long term (i.e. more than 1 year). Thus, it makes sense to hold two portfolio, one for trading and one for investment. http://law.incometaxindia.gov.in/Tax...age1.aspx?md=1 Please refer CIRCULAR NO. 4/2007, DATED 15/6/2007 Thanks & Regards
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#6
20th February 2008, 07:20 PM
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Re: Capital gains clarification required
Quote:
Can Capital gains tax paid in financial year - (if the total income in a year from all the sources is less than the exemption limit) be claimed back if deducted at source? I've got NRI share trading account and my bank deducts all short-term capital gains tax. Apart from this income, I don't have any other income in India.
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#7
21st February 2008, 06:19 AM
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Re: Capital gains clarification required
Quote:
Trader would be differentiated from investor, on the basis of following parameters, these are just indicating factors, onus is on the Assessment officer to prove assesse as a trader: 1. Volume of Trades 2. Value of Trades 3. Qty Traded per Transaction 4. Frequency of Trading 5. Nature of Trading i.e. Intraday, ATST, swing trade. More the number of speculative trades and higher the volume in terms of quantity and value are some basic factors that IT officer would consider... As for applicability of STCG to NRI, dont think you can get refund of the same. However, i am not completely sure of the same. Will check and get back to you. Thanks & Regards
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#8
5th March 2008, 07:59 PM
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Re: Capital gains clarification required
Hi,
Can I set off my trading losses made in commodities against the profits (short term capital gains) made in equities, mutual funds and derivatives trading? Vishal
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