Treatment of bonus shares in respect of capital gains

General
1

i HAVE BOUGHT 1000 SHARES OF KPEL AT RS.421. BONUS RATIO IS 1:1.5
I WOULD BE SELLING THIS ORIGINAL SHARES SAY AT 170 ON BECOMING EX BONUS BEFORE 31.03.2017.
I CAN SHOW THIS AS A SHORT TERM CAPITAL LOSS OF RS.251000/.
I AM AT PRESENT HAVING A SHORT TERM CAPITAL GAIN OF ABOUT RS.200000/-.
i AM A RETIRED PERSON HAVING NO OTHER INCOME EXCEPT DIVIDEND INCOME WHICH IS LESS THAN 1 LAKH . I HAVE INVESTED THE ENTIRE SAVINGS IN THE SHARE MARKET IN GOOD BLUE CHIPS.

MY QUESTION IS WHETHER I HAVE A TO FILE INCOME TAX RETURN AS I WOULD HAVE INCURRED A SHORT TERM CAPITAL LOSS OF RS. 51000/=. AND LOSS IS NOT INCOME.

FOR GETTING THIS NET SHORT CAPITAL GAIN OF RS.200000/- I HAVE HAD A TURNOVER OF JUST ABOVE RS.1 CRORE. THE PROFIT IS LESS THAN 8%. SAME QUERY WHETHER I HAVE TO FILE INCOME TAX RETURN.

2

You have to file IT returns. And also need to do Tax Audit since your turnover is above one core.

https://www.linkedin.com/pulse/threshold-limit-tax-audit-ay-2017-18-ie-fy-2016-17-anoop-bhatia

http://taxguru.in/income-tax/all-about-carry-forward-and-set-off-of-losses-under-the-income-tax-act.html

Moreover if you want to carry forward your capital losses to next year, you need to file tax returns before due date.

Why do you want to book losses? If you are frequently doing trading then you can treat this as business income and carry forward any losses till eight years. In case of STCL you can carry forward for only four years.

Also if you declare your STCG then you need to compulsorily pay 15% tax. If it is business income and is less than threshold limit then no need to pay tax.

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