Classification of future income
This query is : Open
Dhiraj kumar
(Querist)
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
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
(Expert)
16 June 2013
Income from futures & options are non speculative income. it is normal business income
Dhiraj kumar
(Querist)
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?
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
(Expert)
17 June 2013
let me know notice of demand made under which section?
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