Loss From Futures Trading
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 July 2011
Sir/Madam
I Had purchased a Future Contract of Rs 500000(excluding brokerage and other charges) and sold it for Rs 490000.Therefore i made a loss of Rs 10000 on that contract now i want to know how to show it in Income tax return and wheather brokerage and ST are considered while calculating Loss?I want to know the relevant sections for the same in the income tAX act.
Please reply.
I Had purchased a Future Contract of Rs 500000(excluding brokerage and other charges) and sold it for Rs 490000.Therefore i made a loss of Rs 10000 on that contract now i want to know how to show it in Income tax return and wheather brokerage and ST are considered while calculating Loss?I want to know the relevant sections for the same in the income tAX act.
Please reply.
11 July 2011
trading in deriatives is considered as PGBP, all such expenses are allowed in PGBP, and loss can be carried forward for set off in forthcoming years ( if there is other business income then available for set off in current year itself)
13 July 2011
Loss from the Business or profession is allowable and in case of loss from futures the same is to be allowed including the brokerage STT or any other charges which you have paid.
In income Tax return you have to show under the head carry forward of losses for the year.
In income Tax return you have to show under the head carry forward of losses for the year.
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