Trading and tax

[sharifsk072]

I have doubts about trading
First I have invested 2,20,000 in upstox app,
daily buying and selling at 1% margin and also I don't have any other income source so
can u please tell me how much profit is tax exemption? What is the limit of
I've already made 2lac rs transaction through UPI for this trading any suggestions according to UPI limits for avoiding income tax notice?

 

[Mohit kharb]

Hi..sharif in stock market there are two types of taxes on profit one is STCG (short term capital gains tax)and another is (LTCG long term capital gains tax)

STCG is applicable on short term profits at the rate of 15%. short term profits are those profit which made within the period of 1 year. in STCG your time period of investment is less than 1 year.

LTCG is applied on long term profits at the rate of 10%. Long term profits are those profits with whose investment period is more than one year.

If you have no another source of income other than stock market you may take benefits of income tax slab. If your profits is less than 5 lakhs in an year you have not to pay any tax in old tax regime and if you have profits upto 7 lakhs in year you have not to pay any tax in new tax regime.

 

[sharifsk072]

Thank you for your information
Aslo I made 2 lacs transactions in December 2023 to Feb 2024
Because of to add money in upstox account any issues regarding to UPI transaction?

 

[Mohit kharb]

Thank you for your information
Aslo I made 2 lacs transactions in December 2023 to Feb 2024
Because of to add money in upstox account any issues regarding to UPI transaction?

There is no issue to transfer the money in demat account through UPI