If someone is in the 30% bracket as a salaried professional. Will the intraday gain be taxed at 30% or at 10%(cap gains) also can renting a co-working space or space to work in be a valid expense ?
which tax is applicable above minimum income limit for intraday ? cap gains or the % tax on total income ?
Intraday gain is considered as business income and not capital gain income. Accordingly, it will be taxed at the slab rates and not special rates.
Further, any business related valid expenses can be claimed while filing ITR.
You can refer below article for more insights:
Hope, it helps!
so business related rent has to be of a commercial space or a non commercial space rented(apartment) to conduct business works ?
Any expenses which are directly related to your business activities can be claimed as deductions under tax laws.
Here, you can claim rent expense irrespective of the fact that rented premise is commercial or non commercial property.
thanks for clearing the doubts