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Dr Paramshri Sharma

My son aged 31 in Mohali (Punjab) has no salary income and income from other sources during FY 2014-15 is Rs 180000. He also has additional income of Rs 70000 from share trading (single day transactions and transactions on delivery basis in terms of few weeks). I want to know how the share trading income is to be taxed. I am told delivery basis trading will attract short term capital gains (15%) irrespective of other income. But even if all this is added to his income, in that case he pays no tax(180000+70000=250000, non taxable).
Comments from experts please. more  

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View all 11 comments Below 11 comments
K PRABHAKHARAN (EXPERT)
Yes, I agree with Mr Dinesh Gupta and in order to claim the refund of taxes if any, the concerned person must file the IT return. more  
DINESH GUPTA (Chartered Accountant)
No need to file tax return but if TDS deducted on other income then to claim refund of such TDS, return has to be filed. more  
M. S. Shabbir (SEBI Registered Investment Adviser; President, APIFA)
No tax liability or need to file tax return. more  
K PRABHAKHARAN (EXPERT)
1.1 more  
Lalpet Sridhar
Will be below the taxable limits. No tax more  
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