Tax audit requirement

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?

Hey @Ashutosh_Pandey

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

Hi @Ashutosh_Pandey

Since you have trading in F&O you are required to file ITR-3 form.
Income/Loss from F&O is treated as a business income/loss and is shown under the head PGBP (Profits & Gains from Business and Profession)