Now a day Broker giving Margin Trading Facility for more than Year On interest Basis 17% interest per year.
if i buy Shares on MTF, Can i claim that interest Amount from my ITR Filing.
Hi @Aadil_Nakhwa,
Yes, you can claim the interest amount as an expense in the cost of acquisition in filing an ITR.
Hope it helps.
How to incorporate it in quicko excel file
Interest paid towards Margin trading can be claimed as expense if you are reporting your share trading as business income. In case you report profits from swing trading as capital gains and pay tax as STCG or LTCG then interest cannot be claimed to reduce the profit.
For now, we do not support reporting of Capital Gains as Business income through Quicko Template.
However, you can add a business income manually on Quicko and add the expenses over there to get the actual profit and pay tax at slab rate on that.
Hope this helps.
are you sure ? as I am facing this same issue and some say you need to show it as business expense and some say to add in the cost of acquisition.