Whether to fill tax

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. :blush:

  1. Can u also confirm me how to calculate total turnover. Like I’m calculating it as total traded value.
  2. 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

  1. Please refer to the article mentioned below to know how to calculate your total turnover.
  2. 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.