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

[TFL]

Diosys,

Sorry for asking you a lot of questions. Hope you will be enjoying in clarifying our doubts.

GIFT TAX
1. My father transferred money to my account through online (RBI-NEFT) bank transfer to the tune of around 5 Lakhs. The transfer is done in different months.
(a) Under what category I can list this transfer?
(b) Is it tax free to any higher limit?
(c) Do I need to keep document(Statement from my father for gift) for each transfer or only need a single statement for all the transfer during a financial year?

Regards,
Hari.

 

[diosys]

Diosys,

Sorry to tell you that its not helping me.
It will be better If I get a tally setup guide to manage my day to day expenses, Day Trading, Delivery Trading and Various deposits like FD, ULIP, and so.
I mean really a step by step guide for people who are a big 0 in tally.

Regards,
Hari.

For that Hari, you need to tell me till what stage you have been able to succeed. Tally is toooo vast to be taught here step by step....

Tell me tell where you have reached and i would help you from there....

 

[diosys]

Diosys,

Sorry for asking you a lot of questions. Hope you will be enjoying in clarifying our doubts.

GIFT TAX
1. My father transferred money to my account through online (RBI-NEFT) bank transfer to the tune of around 5 Lakhs. The transfer is done in different months.
(a) Under what category I can list this transfer?
(b) Is it tax free to any higher limit?
(c) Do I need to keep document(Statement from my father for gift) for each transfer or only need a single statement for all the transfer during a financial year?

Regards,
Hari.

Its a taxfree transfer since it is from your father. You need not pay any tax on this income....Secondly, it would be beneficial to take a letter signed from your dad on the lines of that this money is irrevocable and is a gift to you under love and affection....

 

[TFL]

For that Hari, you need to tell me till what stage you have been able to succeed. Tally is toooo vast to be taught here step by step....

Tell me tell where you have reached and i would help you from there....

Diosys Sir,

I am a complete 0 in Tally but have capability(I think so) to understand even if you are not guiding at a "very" basic level.

I only need the steps to setup tally(from company creation) to account day trading, delivery, day to day expense, and other investments like MF, FD, ULIP.

Thank you,
Hari.

 

[TFL]

Its a taxfree transfer since it is from your father. You need not pay any tax on this income....Secondly, it would be beneficial to take a letter signed from your dad on the lines of that this money is irrevocable and is a gift to you under love and affection....

Diosys sir,

Do I need to take separate letter or just need a letter at the end of F. year stating all the dates of money transfer and state it as gift as a whole?

Hari.

 

[INDU1]

Dear Diosys,

Thanks for your reply.Just a small clarification required:
Gifts by cheque to daughter and son in law are not taxable?

Thanks
Indu

 

[prams_aryan]

Hi all....

I thought a lot of our traderji members would be having taxing issues...Hence i am launching this thread for people who wish to seek some advice on issues pertaining to Income Tax or Service Tax....

I would try to solve them to the best of my ability and knowledge....

See Ya all....

Hello Diosys,
I have been reading this thread most of the day today,it is very informative,i am very thankfull for your efforts and also by many of the senior members in this community.

I have many questions which you and many members here can clear it. I am a Professional Trader for timebeing to earn some capital and i want to turn into Professional Trader as well as Investor. Here, should i Trade on individual basis or shall i registar as an Investment Compay ( Like RARE ENTERPRISES by renowned Trader and Investor Rakesh jhunjhunwala which he and his wife is the only clients). My few questions are..

1) What will be the registration fee to register my PT&I Investments. (Professional Trader & Investor Investments.)

2) Which will benifit me more either individual or through my Investment company(if at all) considering all factor like tax,income,revenue etc.

3) what will be the tax slabs for a Investment company which comes under business income.

I will be very thankfull to you and i will be waiting for your and everyones reply.

Thank You.

 

[prasadam]

dear diosys,

I have the following doubts. please clarify in your free time.

Under what head the following profit/loss falls.

1. Intra day trades in equity(cash) segment - speculative income?

2. Positional trades in equity if held for less than one year. - short term Capital gains?

3. Positional trades in equity if held for more than one year. - long term Capital gains?

4. Intra day trades in F&O segment - business income?

5. Positional trades in F&O segment - business income?

6. Intra day trades in commodities - business income?

7. Positional trades in commodities - business income?


Thanking you in anticipation.

prasad.

 

[arun_17]

Greetings Sir,
I wan to know what is the tax rate for trading Index Options. And is it a Speculative Income ?
Thank you very much Sir .

Regards from Erode, TN
Arun.

 

[rahulskr]

hi sir

is intra day trading income considered as business or speculative income. whts the tax rate in either case. is there any tax slab in either case or flat rate irrespective of income amt. also wht deductions can be claimed for saving tax in either case.

regards