Short Term Capital Gains from Stock Market

Forums Capital Gains Short Term Capital Gains from Stock Market

Short Term Capital Gains from Stock Market

Hi, I am a trader cum investor. I have booked profit of around Rs 25000 as short term capital gains. I have booked some losses also. Should i need to file Income Tax Return?

Profile photo of Neha Kumari Asked By: Neha Kumari 1 replies 0 helpful answers Last Updated: 12 months ago
  • Profile photo of Neha KumariNeha Kumari
    Participant

    Hi, I am a trader cum investor. I have booked profit of around Rs 25000 as short term capital gains. I have booked some losses also. Should i need to file Income Tax Return?

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Whether you are required to file the tax return depends on your other income and your residential status as well.

    You will be required to file the tax return if you satisfy any of the below condition.

    1. If your gross total income before allowing any deductions under section 80C to 80U, exceeds Rs.2,50,000 in the FY 2016-17
    2. If you want to claim an income tax refund.
    3. If You want to carry forward a loss under a head of income.
    4. IF You have exempt long term capital gains from – sale of equity shares in a company OR sale of unit of equity oriented mutual funds, OR sale of unit of business trust, of more than Rs 2,50,000 in a financial year. Even though these gains are exempt from tax, such persons have to mandatorily file an income tax return. [effective FY 2016-17, AY 2017-18]
    5. Return filing is also mandatory if you are a Resident individual and have an asset or financial interest in an entity located outside of India. (Not applicable to NRIs or RNORs)
    6. If you are a Resident and have signing authority in a foreign account.

     

You must be signed in to reply to this question.