Dear team,
I want to start a new business of managing my and my relatives stocks portfolios from respective accounts. I will be the only one who will be doing stock trading (intraday) on behalf of other 2 clients. For this planning to buy following assets. can I claim the depreciation of the same in ITR?
Assets -
- laptop - for all the trading activities
- 2 monitors - for trading
- rented office - room at parents House.
- Car - for visiting clients place almost 2 times a week.
- Office setup - Furniture setup
Please let me know if I can claim all these assets for my business. Also Please help me understand what is the best type of company (business) I should go for.
- sole proprietorship
- One Person Company
- LLC
- PVT. LTD
- Partnership - Where I can ask my brother to help me out with the same.
Also is there any minimum balance I have to maintain for this business (like account turnover) ?
Is there any minimum tax bracket I should have so that I can claim all the above expenses.
Thanks a lot in Advance.
#AskMeAnything #stockTrading