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

[a1b1trader]

a1b1trader as per Income tax, trading done thru unrecognised exchanges comes under speculation business. like when we do thru MCX and NCDEX as these are not recognised.
any trading done thru BSE, NSE & MCX-SX (recently got) will comes under business, short term capital gains or long term capital gains only, not under speculation business.

Thanks for the clarification.

so, delivery based cash(equity) trading where holding for more than 12 months, will comes under Long Term Capital Gains.
any other delivery based cash (equity) trading where holding less than 12 months will comes under Short Term Capital Gains.
all Intraday trading (cash or FnO) from any recognised exchanges, will comes under Business Income.
all types trading from any Unrecognised exchanges, will comes under Speculation Business Income.

You mean to say that even if we just hold delivery based cash (equity) for T + 2 days (for demat purpose only) it will be treated as short term capital gain.

Thanks. The reply is in blue colour.

 

[vikrit]

You mean to say that even if we just hold delivery based cash (equity) for T + 2 days (for demat purpose only) it will be treated as short term capital gain.

Thanks. The reply is in blue colour.

yeah delivery based (T+2) equity will be consider as STG. to make calculation simple use DP reports for STG & LTG, calculate based on FIFO for separating STG & LTG.

 

[vkmishra]

Respected Sir :

I have invested in National Spot Exchange Ltd. for Vyaaj Badla (Cash & Carry Arbitrage) in the Commodities ie. Buy in Cash (T+2) and receive money in Future (T+25).

1. What will be the tax implications
2. There is also element of VAT involved. ie. VAT is debited on purchase and Credited on sale of Goods. Thereafter the broker debits the Difference in VAT.

3. The Broker is not issuing any document for the VAT.

4. The Broker has appoint a CNF agent IBMA for taking care of VAT issues on behalf of all his clients.

What should be the Tax and Accounting Implications of this VAT and the whole Transaction.

As i intend to invest a substantial amount to earn interest (currently around 13.5% pa), I want to be sure of this product.

I thank you in advance.

Best Regards,

Vijay

 

[RAVINDHRA]

thanks for that Info

Nice thread. It is most useful for the community.

Thanks for your initiative !!!:thumb::thumb::clapping:

 

[paulcline7]

I am hiring Virtual Assistants as Day-Traders in India ... They will be trading the USA market through my USA based accounts ... and I am based in USA and trading my own money. QUESTION: Do I have to pay and Taxes or Fees to India? Do I need to register (or anything) in India???

 

[cypherbond]

Hi,
I recently started trading in forex & I earned descent pofiit through it. I'm using moneybookers or paypal for transactions. Then the amount is transferred to my account. Now the problem is that the transactions through these services are entitled as "moneybooker" or "Paypal transaction ID". So I'm concern about what type of transactions these will be classified in and I would like to know related issues.

 

[blackberry]

Thanks for all members for doing wonderful job by helping others.My query is as follows...

How much should I pay TAX under Debt(MIP GROWTH) mutual fund category either in short term or long term if I have income less than taxable limit.

Suppose I don't have ANY income in MY name.I invested 50000 Rs in MIP,I make profit of 8% Rs 4000 in long term.Should I pay Long term capital gain tax...?

And what if I partly book profit, how tax will be calculated....?

 

[precisiondice]

Sir,
I'm very new to stock trading.But now i'm doing stock trading as full time job. i invested about 60,000 rs for the last 9 months and now i've earned 15000 rs . Should I file tax.If yes means how to? could you help me?
Thank you!

 

[nac]

Nope, you don't need to (assuming you have no other source of income and this is your net profit).

 

[MANISH_DAMANI]

a1b1trader as per Income tax, trading done thru unrecognised exchanges comes under speculation business. like when we do thru MCX and NCDEX as these are not recognised.
any trading done thru BSE, NSE & MCX-SX (recently got) will comes under business, short term capital gains or long term capital gains only, not under speculation business.

so, delivery based cash(equity) trading where holding for more than 12 months, will comes under Long Term Capital Gains.
any other delivery based cash (equity) trading where holding less than 12 months will comes under Short Term Capital Gains.
all Intraday trading (cash or FnO) from any recognised exchanges, will comes under Business Income.
all types trading from any Unrecognised exchanges, will comes under Speculation Business Income.

I object my Lord:
Cash intraday is speculation profit so please dont get mix it with business profit.:thumb: