12 December 2009
As per Section 43(5) "speculative transaction†means a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips, provided to some conditions.
So the F&O transaction should not be considered in financial assets and it will chargeable u/h PGBP instead of capital gain.
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