Earning from tution and loss in commoditity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2015 Hi
In last FY I earned 7 lakh from tution and lost 2 lakh in commodity and share market.
my question is that: this loss will be setoff from 7lakh or not. (I have to pay tax on income as 7 lakh or 5 lakh(7-2).

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
Follow

02 April 2015 You cannot set-off the loss from commodity and share market against your tution fees.

However, you can carry forward the loss from commodity and share market for next 4 assessment years.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2015 thank you very much sir

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

06 April 2015 beg to disagree...only intra-day losses on shares cannot be set off ...commodity losses can be set off as it would be protected under exceptions provided in section 43(5).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Earning from tution and loss in commoditity

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

CA Final

Accountant