Learn How to Use Income Trading with Stock Options to Profit In Any Market Condition

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    Comment Synopsis Since you have income from stock trading, you will need to use ITR-2 to file your tax return. However, if you are doing any intra-day trading, it shall be treated as speculative business and you will need to file your return in ITR I am a tax paying pensioner. I also have interest and rental income.

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    Lately, I have started stock trading and the income from that is reflected as capital gain. How should the income from stock trading be accounted for tax purposes and what IT return form should be used? Other than that, the gain or loss generated through stock trading will need to be classified as short term STCG for shares held up to an year or long term LTCG for shares held for more than an year.

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    Also, the LTCG for shares purchased on or before 31 January shall be grandfathered —the gains made up to this date shall not be taxed. I bought a flat four years ago in Delhi, on loan from SBI.

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    I had booked another flat in Gurgaon and it is now ready for possession. I want to sell this flat. I want to return my existing housing loan from the proceeds of this sale.

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    What will be my tax liability? Otherwise it will be taxed at your applicable slab rate as short term capital gain. If you take possession of the house and then sell it immediately, it is more likely to be treated as a short term capital gain, subject to tax at slab rates.

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    Depending on trading as income exact facts of your case, it may still be possible to take a position that the house is a long term capital asset but this position can lead to litigation. Using the proceeds from this sale for paying off trading as income loan on the older house will not result in any tax savings since the older house was purchased more than a year before the proposed sale.

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