How much Stampduty is payable for Pondicherry resident for equity trading?
I am profitable on gross basis on intraday trading for many months but net basis only drawdowns
As I am reside at Tamilnadu eventually I am paying 600/Cr as stampduty…I am thinking of switching over to other states(as I am trading for living)…
Is that a right decision to make ? if yes which state would you prefer nearby Tamilnadu?
Stampduty at Pondi is a big question mark, there are no clear circulars from the government. I had done the research sometime back.
I think either Andhra Pradesh or Karnataka would be the best place for someone trading for a living as the maximum stamp duty per contract note is only Rs 50.
It definitely makes sense to switch states if you are trading for a living as what TN charges is plain ridiculous. If you trade Rs 2 to Rs 4 crores (which is quite normal for an average trader) that would mean a saving of almost Rs 2000 per day.
You just have to change the correspondence address. So what I had done was taken a landline connection in my name (but to my relatives house) and used that as an address proof.
@Tarzan,
Thats cool! You could have sent a personal message to him, that how you did it, rather than posting here in forum. Just a thought.
http://tradingqna.com/message/VARMAN
Anyways, Nice idea.
Edit:
Few months back, even for Tamilnadu a cap of 50 rupees was there, but per trade basis not per day basis. Not that is also being lifted and they are charging 0.006% flat for all trades. 