F&O Transaction
This query is : Resolved
SAMEER UPADHYAY
(Querist)
09 July 2009
Please tell me the treatment of F&O trnsactions.Whether it is a speculation business or an ordinary one for carry forward of business losses.Kindly specify notification no (if any) in this regard.
CA Nitin Wadhwani
(Expert)
09 July 2009
F&o transactions are not 'Speculative'. as per Sec.43(5)
09 July 2009
More specifically proviso (d) to section 43(5) of the IT Act,1961.
Dealings in derivatives is a kind of transaction which does not involve any purchase and sale of securities and,therefore, loss/profit on a/c of F&O transactions cannot be treated as speculative.
Citation:-RBK Securities(p) Ltd Vs. ITO 13 DTR 255(Mum-Tri).
Dealings in derivatives is a kind of transaction which does not involve any purchase and sale of securities and,therefore, loss/profit on a/c of F&O transactions cannot be treated as speculative.
Citation:-RBK Securities(p) Ltd Vs. ITO 13 DTR 255(Mum-Tri).
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09 July 2009
its non-speculative business
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