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Jignesh Desai
In share trading , in case most or all of the trades of an individual are short-term in nature (meaning the shares were sold before completion of one year after purchase) , after the threshold of what amount of turnover , can the income tax authorities deem the profit earned from such trades as "Business Income" ?
Or , is it that , because the individual has traded in his own assets (shares) only , irrespective of whatever turnover he does , he can always show the profit earned from such trades as "Capital Gains" in his Income Tax returns ?
Also , how would the income tax authorities deem such such profits as (meaning Capital Gains or Business Income ) , based on size of turnover , in case most or all of the trades are long term in nature (meaning the shares have been sold after having been held for a period of more than one year) ?
Also , how would the profits be taxed , in case they were earned from trading in unlisted shares ?
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There is no deeming provision it is on self declaration of taxpayer.
yes.
For more consultation you can book one at: https://www.taxontips.com/tax-notice-personal-consultation/
Thanks , Naman Sir
T&C applyS
Subhasish
If wrong AGM date entered mistakenly in MGT-7, how to rectify the date in MGT-7?
A
Anirban Dey
Can salary be paid to spouse of members in partnership firm?
Yes
Yes if she is qualified for the same..
T&C applyM
Mraj
If a director invest money in a private limited company say a sum of 10 lakhs how will it be reflected in financial statement of company As a profit or loss. Also will it be counted as a revenue?
An investment can only be in the form of Share Capital in a company. So in the accounts of the company, the director will become the shareholder of the company.
T&C applyS
Sajal Singh
I am living in Oman and have NRE account in which I am sending money to India for my family maintenance and they are using it directly from my NRE account.
Out of which, I am transferring some amount every month to my Wife's normal Saving account. My query, Is my wife use that money and invest in Mutual Fund, PPF in her name, Suknya account with my Daughter's name.
Is there any tax implications to use that money for investment? Is wife need to file a tax return.
My wife is a housewife in INDIA and having no income.
Np., if the total income of wife do not increase the maximum amount chargeable to tax then she is not required to file her Income Ta Return
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