Income Tax
This query is : Resolved
CA. Kirti S. Ganatra
(Querist)
30 October 2007
I have a friend who is sub broker and dealing in shares too. He is earning commission income from a company due to dealing of his clients. He is also personally dealing in future market. From future market he earn loss, i think there is change that now if there is income from future or derrivative market from shares dealing then such income will be taxed as Business income. So,My question is will this loss from Derrivative can be adjusted against his commission Income.
CA. Kirti S. Ganatra
(Querist)
30 October 2007
a
Late CA Sampat Jain
(Expert)
30 October 2007
Since it is business loss ......all consequences of it being busines loss will follow . That is , business loss of a year can always be set off with business profit of the same year
30 October 2007
your friend can claim the set off for the business loss against the business income
Ravikumar.G
(Expert)
08 November 2007
It should not be a speculative loss.
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