Day Trading Stocks & Futures

[mohan.sic]

See gifts under the current tax law are shown as under the head "Income from Other Sources". In olden days we had Gift Tax. Money transferred from wife to husband is not a gift to be shown under the head Income from Other Sources.

you said it need not be shown under return.
my query is I how can I avoid reporting that 5 lakhs when my bank balance is reflecting it..

 

[sridhga]

you said it need not be shown under return.
my query is I how can I avoid reporting that 5 lakhs when my bank balance is reflecting it..

Everything falling into your bank account is not your income. You may transfer 1 crore from your broker account to your bank account. That 1 crore is not your income. However if that 1 crore contained Rs. 5 lakhs which is trading profit after deducting transaction charges, then that is your income even if you did not transfer to your bank account.

A money lender collects money and also lends money. This in and out transactions in bank statement may not reflect his income. His income is determined as per the rules given under the head "Income from Business or Profession"

Likewise, your income is to be determined based on different Heads
1. Income from Salary.
2. Income from House Property
3. Income from Business or Profession
4. Income from Capital Gains
5. Income from Other Sources
It may differ from what is hitting your bank account.

 

[marimuthu13]

i am long on copper at 445.25. will cover with 1 re. 1 pt gives 2500/- , so its better to be satisfied there.

1 points copper gives rs 1000 only ??

 

[sridhga]

Why Tata Steel happy today? Any news?

All steel companies in upward swing in last 4 days. Tata, Jindal, JSW.
Tata was a bit down yesterday along with all other group companies so recovered today.

 

[Self-employedTrader]

I think tomorrow Nifty may fall open approx equal to high. Bullish daily candle but stopped at major resistance. Just my view.

 

[Riskyman]

Exited Indigo puts in loss. Ate half of the day profit.

When did you take this position? Im curious.
It was a big down move. Were you not expecting a counter move?

 

[nil.nik.9777]

When did you take this position? Im curious.
It was a big down move. Were you not expecting a counter move?

intraday. 1300 PE bought at 18.5 exited at 10.5
Yes counter move was expected but this one went more than expected.
I was expecting stock to reverse from 1420-25 future levels.. it went above and I exited..

Now its trying to fill the gap it made 4-5 days back

 

[Riskyman]

intraday. 1300 PE bought at 18.5 exited at 10.5
Yes counter move was expected but this one went more than expected.
I was expecting stock to reverse from 1420-25 future levels.. it went above and I exited..

Now its trying to fill the gap it made 4-5 days back

Yes thats a 11% gap. Should be careful with such big gaps in stocks that are in uptrend.
In a downtrend its relatively safer. In uptrending stocks these gaps can get filled very quickly leaving shorters trapped very badly. This is more the case when the low of the initial gap down day is held.

 

[Riskyman]

RBL Bank corrected close to 25% from the top. Any good news in this stock?

 

[mohan.sic]

Everything falling into your bank account is not your income. You may transfer 1 crore from your broker account to your bank account. That 1 crore is not your income. However if that 1 crore contained Rs. 5 lakhs which is trading profit after deducting transaction charges, then that is your income even if you did not transfer to your bank account.

A money lender collects money and also lends money. This in and out transactions in bank statement may not reflect his income. His income is determined as per the rules given under the head "Income from Business or Profession"

Likewise, your income is to be determined based on different Heads
1. Income from Salary.
2. Income from House Property
3. Income from Business or Profession
4. Income from Capital Gains
5. Income from Other Sources
It may differ from what is hitting your bank account.

where is the comparison between payout from broker and a gift from spouse. Funds with broker are sent from my registered bank accounts and those funds are post taxed income and sources are audited.

My query is different. It is not about TAX part. I am just asking on the reporting part especially when source of funds in not accounted. So from your explanation can I assume that a Cash Gift from spouse does not fall under Income of any kind and hence I can choose not to report it to IT. Because 5 lakhs is not a small amount.

I am asking this because if I have 20 lakhs unaccounted money, can I route it in the form of Gift from spouse or parents. If IT exempts me from reporting the gifts received I can easily convert this money. Is this good idea.