Comment on Tax loss harvesting

Gaurav commented on 15 Sep 2017, 12:56 AM

Hi Nithin,

I am a salaried employee and is a investor (primarily long term). But, only from this August ’17, I started trading in F&O. Until today, F&O turnover would be around ₹1.5 CR and it seems it will go around ₹2.5cr till the next March 18. But, profit is ~₹30k till date, not sure of future. Sidewise, I am also investing in equities, let say ~₹1-2 lakhs in whole year. Equity turnover would be ~₹2-3 lakhs. I have a few queries:
1) Do I have to mandatory file ITR as Trader?
2) Will I have to get my books audited? Also, please specify the criteria for mandatory audit?
3) If above two are yes, then I am falling under the head business, then have I also need to get GST registered?
4) And, in case of Trader, can I offset my profit with losses from equities I am holding for the last 5 years?
5) Last one, Would I have to declare my existing portfolio (all more than one year) under business and not investor, as I have few stocks giving long term capital gain. Can we do pick and choose?

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