Business loss
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 October 2012
pls clarify my question regarding the below case.A person doing stock trading business he got 1200000 income during a year.He also trading personally in his account and incurred loss now my doubt is can show loss in his income tax return and can deduct such loss form above loss? if not how can show above loss in his return please clarify clearly by giving example.
Thanks in advance.
Regards,
Shivateja
Thanks in advance.
Regards,
Shivateja
CA PARTH SHAH
(Expert)
31 October 2012
First of all you ned to check whther the stock trading income is a speculative income or normal income. If its a normal income, then such loss from other business can be setoff against suckh loss. If its speculative income then loss from other business cannot be setoff against such income
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