Earning from tution and loss in commoditity

Save Share

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)

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)

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