Short term gain tax on swing trading?
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I am trading options intraday and doing swing trading (taking delivery of shares not more than 3-5 days) I have to show options trading as business income , but can I take stcg @ 15% on my swing trading. Is it allowed ?
I am have separate broker for swing trading of shares and another broker for options trading.
As stcg is 15 % on shares held upto 12 months. Income tax department has not specified any number of days. Profit and gains from business will be charged normal slab’s..
So i want my options trading to be taxed at 30% and swing trading to be taxed at 15%. Is it possible for me to take both the slabs.?
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How do you file for taxes? Do you keep books of accounts? What it form do you use?
Technically yes. To my knowledge, if you always declare your stort term trades as stcg, then you can claim them as stcg.
But if you declare them as business income once and declare it as stcg next time, it muddles things. It shouldn't but it does.
Since there are no clear instructions available. If you ever get audited by IT, One income tax officer may see it as business income while another may be willing to take it as stcg.
But someone else maybe able to give you a better answer.
@bikidas2060
Yes you can, but be consistent. Don't change it every year, they won't bother you.