PSU com. employee who have not gained from trading shares has to show share transactions while filing returns?

Question

Whether An PSU employee has to show share transactions while filing Income tax returns if he has not gained from it if yes then whether he has to shown summry of whole year share dealing or he has to attach each and every days share trading contract notes.

Answer 1

From your question I think you have traded in shares. That means buying and selling the shares on the same day. If you buy or sell the shares in the same day, then it will be called as speculation. If you buy shares to day and sell it next day, then you may claim it as short term capital gains or trading. In this case, if you are treating the gains (or loss) as capital gains, then please follow Mr.pklamba231 answer.

If you are treating it as business/trading, then the gains or losses will be "Income from Business or profession".

As per rule, you are supposed to disclose it. It is better to disclose it along with the return.

But most of the employees do trading or invest in shares and they do not disclose it at all. They are taking a chance.

If you are so interested in shares trading, I advise you to do it in your wife's name or in the name of your father or mother who has no income at all. In this case you will not come into picture at all.

Answer 2

You are under obligation to show the transactions in income tax return.

You need enclose contract notes with return. But you have to preserve relevant records. Details of transactions can be enclosed by way Annexure suitably

The income of transactions will be reflected appropriately under the head Capital Gains. It will be STCG if shares are redeemed within one year. >1 year it will LTCG.

If the Capital gains is in plus(profit) it will be added to your income.

If the Capital gains is in negative(loss), it will not be subtracted from your other income. It cannot be set off against other heads of income. (However you have option to carryover losses). But you have to mention in income tax return.

STCG will be taxed at concessional rate provided certain conditions are fulfilled .
LTCG (shares ) will not attract any tax.

BEST OF LUCK

Answer 3

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