Legal Question in Credit and Debt Law in India
I am a punjab government employee in education department. I want to know that,Can i open and trade in share market by my own name.If yes , how to show it in my income tax return the amount earned from that trading account.
2 Answers from Attorneys
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23.12.2012
Dear Sir / Madam,
There is nothing which prevents you from trading in shares purchased by you from your personal income. The net income earned from trading of shares during the financial year (01st April, 2012 till 31st March, 2013) is taxable and has to be declared in your Statement of Total Income and Annual IT Return under the Head "Income from Securities". You need to classify your investments into long-term and short-term depending on the tenure you held each share for the purpose of Capital gains Tax. I suggest you contact a local Chartered Accountant in Bhatinda to guide you further.
Regards,
FCA Prashant Chavan
Mumbai
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