Classification of future income

This query is : Open

Dhiraj kumar (Querist)
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13 June 2013 Dear Sir,
I want to know whether income from futures and options are speculative or Non-Speculative and how the loss from these are treated in Income Tax Act?

Waiting for a prompt response!

Thanks & Regards
Dhiraj Kumar

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 June 2013 Income from futures & options are non speculative income. it is normal business income

Dhiraj kumar

Dhiraj kumar (Querist)
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17 June 2013 Thank you sir for your reply.
But,in some cases I have seen,loss from futures which is non-speculative is not being allowed to be set off against other income.

Thus department is not considering Loss from Futures and options and sending Demand Notice.
Now,What should I Do?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 June 2013 let me know notice of demand made under which section?

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