Understanding taxes: Is stock market gains taxable in India?

Discussion in 'Must-Read Interviews, Articles & News Items' started by Kritesh Abhishek, Dec 9, 2017.

  1. Kritesh Abhishek

    Kritesh Abhishek Member

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  2. D Mohan

    D Mohan Member

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    Stock Market की इनकम पर टैक्स कितना लगता है ?
    please watch the following video. The language is hindi.

     
  3. D Mohan

    D Mohan Member

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    I have a question about the annual closing date regarding Share accounting.
    Suppose, I had bought shares of XYZ Company on 30th March 2017 (i.e.in Accounting Year 2016-17). Obviously, I would have got delivery of the Shares in first week of April 2017 (i.e. in Accounting Year 2017-18). So, should the purchase be accounted in Accounting Year 2016-17 (as per date of purchase) or Accounting Year 2017-18 (since I got delivery in the year).
     
  4. Ruchir Joshi

    Ruchir Joshi Member

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    date of your contract date will be your purchase date...
     
  5. wild_hipman

    wild_hipman Active Member

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    @Ruchir Joshi

    Why?
     
  6. D Mohan

    D Mohan Member

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    The Yearly transaction statements provided by my broker (Canara Securities) show the transaction in the next year. I asked them "Why?". They said, "That is the procedure". I am confused.
     
  7. Ruchir Joshi

    Ruchir Joshi Member

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    Keep the contract note for record and date of contract note is treated date of purchase under the Income Tax Act, 1961.
     
  8. D Mohan

    D Mohan Member

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    Ok. Thanks.
     
  9. wild_hipman

    wild_hipman Active Member

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    Ruchir Joshi likes this.
  10. Ruchir Joshi

    Ruchir Joshi Member

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    Although it is address to Krtiteshji, Will like to have my input:

    Speculation (i.e. day trading in equity and other securities except Derivatives) are treated as Speculation Income, which is one type of business income.

    Derivative i.e. FnO is taxable as normal business income.
     
  11. wild_hipman

    wild_hipman Active Member

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    Anybody is welcome to add their bit. Anyways mr @Kritesh Abhishek seems busy scouting for members for his paid services.

    So you just confirm my point that if it's business income then it cannot be taxed as other income unlike what the article mentions.

    Further, why can't derivative incomes be taxed other than as business income?
     
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