Share Market & Lawyer

Pappu Verma (Querist) 30 April 2011 This query is : Resolved
Namaskar All Experts!

As we know that lawyers can not be engaged in anyother business, trade or profession except his/her own profession of Law.

My question is -
1- "whether a lawyer can buy/sell shares of any stock exchange within territory of India?"

2 - "Will daily buying or selling shares come under any defination of trade."

Thanking You!!

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R.Ramachandran (Expert) 30 April 2011
There is no bar for a practising Advocate from daily buying and selling of shares for self. Buying and selling of a share on the same day is called 'trading' in Stock Exchange parlance. If that is practiced, then also it will not be considered as a business, though the income/loss (profit/loss) derived from such trading would be treated as 'business income' by the Income Tax authorities and tax is to be paid accordingly.