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

[smartboy1jan1982]

What your broker has told you is half correct. It is correct that income earned from money transferred from father is clubbed in father's hand BUT this is only till the son in is a minor i.e. below 18 years of age.

In your case since you are above 18 therefore whatever income is earned on this accumulated money would be taxable in your hand and not your father's.

Thanks! diosys. I already was quite sure that would be the case but those highly qualified MBA graduates in finance working in my brokerage firm confused me. They even asked me about my education when I did not agree with them on this.

 

[greatindianwiseman]

Is there any Capital Gains Tax liability if Debentures (held for more than a year) are sold in Off-Market transactions?

 

[diosys]

Is there any Capital Gains Tax liability if Debentures (held for more than a year) are sold in Off-Market transactions?

Yes, if there is capital appreciation in it. Say you bought for Rs. 10,000 now selling at Rs. 15,000 (without interest) then Rs. 5000 is taxable.

 

[prabit]

diosys sir,
Ihave a small question. It is regarding tax audit for turnover above 40 lacs. In form ITR-3, there is no turnover column. So how they will know what is the turnover? Pl advise.
Thanking you.

 

[greatindianwiseman]

Yes, if there is capital appreciation in it. Say you bought for Rs. 10,000 now selling at Rs. 15,000 (without interest) then Rs. 5000 is taxable.

Thanks. What will be the tax treatment of such gains? Since the debentures are held for less than 3 years and sold off-market will it be STCG or LTCG ?
Will I get relief by investing u/s 80C ?

One more query: What if the debentures are sold to relatives? Can it be treated as Gifts? I have transferred the debentures to my grandfather.

 

[diosys]

diosys sir,
Ihave a small question. It is regarding tax audit for turnover above 40 lacs. In form ITR-3, there is no turnover column. So how they will know what is the turnover? Pl advise.
Thanking you.

If you have business income then file ITR-4 and not ITR-3

 

[diosys]

Thanks. What will be the tax treatment of such gains? Since the debentures are held for less than 3 years and sold off-market will it be STCG or LTCG ?
Will I get relief by investing u/s 80C ?

One more query: What if the debentures are sold to relatives? Can it be treated as Gifts? I have transferred the debentures to my grandfather.

They would be STCG and benefit under 80C would be available.

No, Sale is not gift....Gift is without consideration and the crux of sale is consideration....Hence both cannot be together.

 

[diosys]

hai TAX DIOSYS

if i earn an income of more than 50 lakhs per year by day trading what are all the things i have to submit to IT department.

Also in income 50 lakhs how much money i have to pay.

Also what are all the important methods to reduce the tax.

plz help me TAX DIOSYS i m waiting for ur reply.

ur soon reply will be highly appreciated.

thankx in advance:thumb::thumb:

You earn 100000 or 50 lacs the document which is required by the department is the same....your INCOME TAX RETURN !!!

for all your rest queries try going through the thread or the tax recknoer mentioned in my signature.

 

[dash]

Question related to Tax on F&O trades

Hello,

Is there a limit on transactions beyond which F&O trades needs to be audited (Treated as business not individual?)

Also, what constitutes a turnover? Is it buy price + sell Price or only sell price.

Eg: If I buy for 100 Rs and Sell for 150 Rs., is my turnover 250 Rs?


Please help! This is the first time I am doing F&O and worried about tax.

 

[sadiq]

hai TAX DIOSYS

if i earn an income of more than 50 lakhs per year by day trading what are all the things i have to submit to IT department.

Also in income 50 lakhs how much money i have to pay.

Also what are all the important methods to reduce the tax.

plz help me TAX DIOSYS i m waiting for ur reply.

ur soon reply will be highly appreciated.

thankx in advance:thumb::thumb:

dont take it as offensive. for that you have to earn 50 lakhs first in day trading!!!!!