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

[diosys]

Hi..

I have been trading in both equity and derivatives market..

I have a profit of 1,00,000 in equity(delivery type)..

I have a loss of 22,000 in F&O..

Can the F&O loss be squared up against equity gain?

what would be the % of tax that i need to pay?

Yes you can square them off...

% of tax would depend upon your other income as well....Though if this is your only income then there would be no tax payable.

 

[melvyn13]

Yes you can square them off...

% of tax would depend upon your other income as well....Though if this is your only income then there would be no tax payable.

Thanks a lot for ur prompt reply...
What i wanted to know was whether i should file the profit as capital gain (15% tax) or as business income?

 

[TFL]

Is LongTermCapitalGain from Equities and Equity Related MFs taxable as per new tacx code? Is it finalised?

 

[diosys]

Thanks a lot for ur prompt reply...
What i wanted to know was whether i should file the profit as capital gain (15% tax) or as business income?

Try going through the first page of this thread in order to understand where you fall...

 

[diosys]

Is LongTermCapitalGain from Equities and Equity Related MFs taxable as per new tacx code? Is it finalised?

yes they are....BUT DTC is still in it's very infant stage.....

when the final draft comes it can be far from what had come earlier...So there is no point in deliberating about it....

 

[hhh]

Hi diosys,
I had taken 5Lacs of personal loan in May 2009 for tenure of 5 years and completely used it for trading in derivatives(nifty Futures & options), till now i have made profit of 1.5Lacs. I don't have any other income.

How much tax i need to pay? Can personal interest paid which is 1.45monthly(17.4 annually) can be adjusted while paying the tax.
Thanks

 

[diosys]

Hi diosys,
I had taken 5Lacs of personal loan in May 2009 for tenure of 5 years and completely used it for trading in derivatives(nifty Futures & options), till now i have made profit of 1.5Lacs. I don't have any other income.

How much tax i need to pay? Can personal interest paid which is 1.45monthly(17.4 annually) can be adjusted while paying the tax.
Thanks

no tax is liable to be paid by you if your gross income is 1.5 lac only...

 

[TFL]

Diosys,

Thank you for your effort in keeping this thread attractive since long.

(1) I'll be getting a big amount of money from my father (no need to return him).
(2) I will utillise this money for trading purpose (Futures, so business income).

I'm seeking advice on the below option 1 and 2. Advice me which option will be better.
Case One:
Option 1: Get this money as loan from my father. (Already paying an amount for household expenses each month to him, may be shown as interest payment for loan)
Option 2: Get this money as gift from my father.


Case 2:
Option 1: Will it be good if I give this money to my wife and trade from her account. Is there anyting good if she form a Proprietery Concern and I work(Trading) for her in her firm.

Option 2: Or a proprietery under me will be more better?

Option 3: What is the real benefit of creating a firm in the name of wife and the trader(husband) work in the firm, I meant like Mr. Rakesh Junjunwalla's RARE firm.

In short I'm asking you how I can utilise the amount I'm gettign to better efficiency in terms of tax? Hope thinks are atleast clear to your understanding. If not I can describe.

Thank you.

 

[magnet]

Diosys,

Thank you for your effort in keeping this thread attractive since long.

(1) I'll be getting a big amount of money from my father (no need to return him).
(2) I will utillise this money for trading purpose (Futures, so business income).

I'm seeking advice on the below option 1 and 2. Advice me which option will be better.
Case One:
Option 1: Get this money as loan from my father.
Option 2: Get this money as gift from my father.


Case 2:
Option 1: Will it be good if I give this money to my wife and trade from her account. Is there anyting good if she form a Proprietery Concern and I work(Trading) for her in her firm.

Option 2: Or a proprietery under me will be more better?

Option 3: What is the real benefit of creating a firm in the name of wife and the trader(husband) work in the firm, I meant like Mr. Rakesh Junjunwalla's RARE firm.

In short I'm asking you how I can utilise the amount I'm gettign to better efficiency in terms of tax? Hope thinks are atleast clear to your understanding. If not I can describe.

Thank you.

Though diosys sir will answer your query...

But my personal advice go for gift rather loan....

I still have to pay my mom and sister money for the house i bought...If my CA would had shown some more interest will filing the return i had a reduce liability plus on loan u need to pay interest(or show u paying) if its really big amount say 50-60 lakhs(read in newspaper Assessing officer troubling people saying why the person gave u interest free loan...Since here its your dad u can have a good proof but still avoid that angle unless your father needs the money back...But again u can gift your dad any amount back)

Regarding your wife angle...i don't think u can gift her...But yes will await reply on your firm related stuff...might help us also in future ..Thanks for bringing a good query sir

 

[diosys]

Diosys,

Thank you for your effort in keeping this thread attractive since long.

(1) I'll be getting a big amount of money from my father (no need to return him).
(2) I will utillise this money for trading purpose (Futures, so business income).

I'm seeking advice on the below option 1 and 2. Advice me which option will be better.
Case One:
Option 1: Get this money as loan from my father. (Already paying an amount for household expenses each month to him, may be shown as interest payment for loan)
Option 2: Get this money as gift from my father.


Case 2:
Option 1: Will it be good if I give this money to my wife and trade from her account. Is there anyting good if she form a Proprietery Concern and I work(Trading) for her in her firm.

Option 2: Or a proprietery under me will be more better?

Option 3: What is the real benefit of creating a firm in the name of wife and the trader(husband) work in the firm, I meant like Mr. Rakesh Junjunwalla's RARE firm.

In short I'm asking you how I can utilise the amount I'm gettign to better efficiency in terms of tax? Hope thinks are atleast clear to your understanding. If not I can describe.

Thank you.

how much is your fathers income ???