I’m a student 21 years old, i dont have a income and using gifted money from parents. My options total trading amount > 2.5 lakh. So do i have to fill tax ?
Hi @sb1, yes, you will have to file your income tax. Your options trades will be mentioned under Business and Profession and gifted money can be exempt under income from other sources. If you need any further assistance, please let us know, would love to help. 
- Can u also confirm me how to calculate total turnover. Like I’m calculating it as total traded value.
- And if i have turnover > 2.5lakh and my total profit + loss is less than 20k, then do i still have to pay tax. amount ?
Hi @sb1
- Please refer to the article mentioned below to know how to calculate your total turnover.
- I would suggest you to file your taxes and get to understand your tax computation regardless.
Hey, couldn’t understand what is premium in sale of options (is it price* units or just price of one premium) ?
"If you are trading in Options, trading turnover = Absolute Profit + Premium on sale of options. "
Hey @sb1, premium is the total of sell value which is price*units.
Money gift through account to account from a father to son is exempt from gift tax in India.
Query: How much amount of money can a father give to his son in a financial year? Whether such gifted amount need to be reported in income tax return. If yes, which ITR form is applicable
Hello @Ashok_Kumar
Yes, money gifted from a father to his son is fully exempt from income tax in India, as gifts from specified relatives (including parents) are not taxable under Section 56(2)(x) of the Income Tax Act.
The amount received must be reported in the ITR. The applicable ITR form will depend on your sources of income.