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

[canikhil]

while calculating capital gains, which of the following can be added as expense for shares.
1. STT, I guess No.
2. Brokerage.
3. Service tax.
4. SEBI charges
5. Turnover charges.
6. Stamp duty.
7. Demat charges
8. Demat AMC charges

Yes. You can charge all of the above except for STT

 

[canikhil]

Thanks a lot

For point 2
Which value to declare, acquisition value or market value as on 31.3.15
Thanks

acquisition value converted into INR on the basis of SBI TT buying rate for the date of acquisition

 

[Spiderman]

can a salaried person employed in govt job indulge in derivative trading? or if does, can he carry forward losses from future and derivative trading?

 

[canikhil]

can a salaried person employed in govt job indulge in derivative trading? or if does, can he carry forward losses from future and derivative trading?

Yes he can. I dont think there is any restrictive clause in service conditions for government employment for this.

 

[candle]

Dear Sir,

This is regarding the value of perquisites.

As Fringe benefit tax had been abolished by SC, value of perquisites are being added to gross salary by the employer in order to calculate the income tax liability.

I am working in a PSU, am provided a non-furnished accommodation from my employer for which I am paying license fee and also I have to loose my HRA due to company provided accommodation. I am living in a metro.

My querry is that -" do I need to add 15% of my salary to my gross income in order to calculate my income tax liability ( as the value of perquisites)?"

What I believe is that - " Since I am giving up my HRA ( 30% of basic) and paying license fee for the non-furnished accommodation I have got, it will not be considered as rent free accommodation. Hence 15% amount should Not be added to my salary to calculate the income tax." I don't know my understanding is right or not.

Kindly guide.

regards

 

[chilgu]

Yes he can. I dont think there is any restrictive clause in service conditions for government employment for this.

Income from derivatives falls under Business Income and a Govt. employee is restricted to do business in their service conditions. Hence, the confusion that a Govt. employee can trade derivatives or not.

 

[canikhil]

Kindly do not confuse between the tax treatment of an income and the realities of the world. The service conditions do not restrict investments in stock markets. The tax treatment has no role to play here.

 

[chilgu]

Kindly do not confuse between the tax treatment of an income and the realities of the world. The service conditions do not restrict investments in stock markets. The tax treatment has no role to play here.

Off-course the service conditions do not restrict investment in stock market but service conditions do not allow non-delivery based trading and trading in derivatives falls under non-delivery trade.

 

[canikhil]

Off-course the service conditions do not restrict investment in stock market but service conditions do not allow non-delivery based trading and trading in derivatives falls under non-delivery trade.

can you quote the specific clause of the govt service rules for this?

 

[chilgu]

As I know, Civil Service (Conduct) Rule prohibits an employee to involve in business activities.