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  

View all 11 comments Below 11 comments
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  
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  
No tax liability or need to file tax return. more  
1.1 For Individuals, Hindu Undivided Families, Association of Persons and Body of Individuals
Total Income Tax Rates
Up to INR 250,000 NIL
INR 250,001 to INR 500,000 10%
INR 500,001 to INR 1,000,000 20%
INR1,000,001 and above 30%

As the income is well within the taxable income, no tax liability. more  
Will be below the taxable limits. No tax more  
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