My mother is a housewife with no earning. I gave her 6lakh in 20-21. She traded fno and lost 3lakh. As per my understanding gifts from relatives are non taxable., which means she does not have any income. Is an audit required?
In this case the total income of taxpayer is less than basic exemption limit. So if the turnover from FO trading does not exceed 10 crore then tax audit is not applicable.
You can also check the tax audit applicability using this tool.
Thank you mam for clarification
One more doubt mam
My total turnover is 50 lakhs and profit 80k (excluding deduction like brokerage internet etc)
Which itr should I file
Am salaried and trading in fno