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

[jagankris]

Hi,

I am a newbie to forex.

I am planning to do forex trading(Forex Spot) with a foreign forex broker.
Please let me know the taxes applicable for it.

Any advantages since the earnings would be in foreign exchange ?

Thanks,
JK

 

[soumendutta]

hello everybody,
I have querry regarding long term capital gain over housing property,clause state as IT site "Next purchase of housing property after sale of one housing property should be within 1 year or construction of housing property should be within 3year,but the construction of flat/apartments take more than 3 year even some extent till 9- 10 years depending on builder, Give details abt validity of long term capital gain deduction the flat buyer would get by entering into an Sale agreement with such builder for purchase of flat.

 

[neildesi]

Hello,

I am a Canadian Citizen with OCI status in India. I currently have an NRI and DEMAT account and have recently started trading. I was hoping you could help me understand what are my tax obligations to India, as well as to Canada on any money repatriated to my Canadian bank accounts.

Thanks.

 

[cooldudeRE]

Taxation in commodity trading

hi everybuddy,
i am soon gonna start trading commodities in mcx & ncdex. mostly intraday trades.
can anyone please tell me how will i be taxed?
do i have to pay short term capital gains tax or normal tax as per slabs?
thnx

 

[bbboy]

hi diosys,

I have some basic but I think very important query, I think if all below questions answered then 99.9% problem of stock market related tax calculations etc.. will be solved in one post itself.

If you will answer all these step by step then I am sure that it will be a big help for all traders and investors community.

Delivery Equity Trades:

Q1) Is it Business Speculative Income OR Business Non-speculative ?

Q2) Short term profit: Will it be added to Business Speculative / Non Speculative Income ?

Q3) Short term loss: Will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed to carry forward ?

Q4) Long Term profit: Will it be added Business Speculative / Non Speculative Income ?

Q5) Long Term loss: Will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed to carry forward ?

Q6) What is BTST / STBT ? Is it Delivery Trade OR will be considered as Intraday Cash Market Trade.


Intraday Cash Mkt:

Q7) Is it Business Speculative OR Business Non-speculative ?

Q8) If profit, will it be added Business Speculative / Non Speculative Income ?

Q9) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?

Futures Eq:

Q10) Is it Business Speculative OR Business Non-speculative ?

Q11) If profit, will it be added Business Speculative / Non Speculative Income ?

Q12) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?


Options Eq:

Q13) Is it Business Speculative OR Business Non-speculative ?

Q14) If profit, will it be added Business Speculative / Non Speculative Income ?

Q15) If loss, will it be deducted from Business Speculative / Non Speculative Income ? If no, then will it be allowed carry forward ?


Commodities: Questions as above only.

Pls. reply urgently as only 2 days left for tax filling

Thanks in adavance

Awaiting reply from experts , please

 

[jakasegu]

we,two brothers intent to sell a land at 55 lakhs each. Iam a salaried tax payer and my brother lives on rental income which we own. The cost of acquisition of the land at 6.9 lakh Indexed cost of acquisition is at 24.8 lakhs.How to plan the this finance.

 

[fjl24]

Hi Diosys,

Hope this post finds you in the pinkest of health.

Thanks to all your support was able to file my tax returns on my own.

Have a specific query regarding carried forward losses.

I have incurred losses from the F&O segment during last financial year.

I managed to set-off/adjust some part of it against income from other sources in the previous financial year itself.

Inspite of having done the same there still remains some more carried forward losses.

Can interest earned on NSC/KVP/Fixed Deposits etc during the current financial year be set-off against the carried forward losses of previous year (i.e. Business Losses from F&O).

If yes then kindly also let me know the relevant section as per the Act.

Thanks in advance
God Bless
Regards
Floyd

 

[RAOVN]

Reg: Home Loan Claim for Income tax

is it possible for my son to claim income tax on the Home loan ?

we took the home loan on joint name (me and my son) but the house property is on my name.

please help me in this regard

Thanks for your help

 

[indi007]

I have wrongly paid short term capital gain tax instead of ltcg tax so can i get refund for it department

Please help in this regard

 

[jovara]

can u please provide me with the notification or any other document where it has been mentioned that stt has to be or can be set off against total tax in filing return for IT in the year 2006 -2007.

Actually I am entitled to get refund for the year 2006-2007 which i had not yet received. So i had been following with the IT Guy and the Asst Comm himself to get my refund through for last one year.First they lost my IT return filed by me, don't know exactly where it has gone. then they requested me to give them the xerox copy of the acknowledged copy of the return with all the necessary documents. Before that they mentioned that ur file has been assessed and according to them iam entitled to get around 36000/- in refund. But now they even after handing all the necessary documents they are delaying my refund. Now according to them the STT that have claimed in my IT as a set back against Profit is wrong. they say that there as no setback on STT at that time i.e FY 2006 - 2007.

So can any one provide me with the notification so that i can show it to the Asst Comm proving that STT as allowed as setback in total tax to be paid.

Any Section no for this line (-STT is deducted for taxable income under business head (trader). No deduction for investor (STCG/LTCG) )