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Loss in speculation

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08 September 2011 i HAVE TRADED IN DERIVATIVE SEGMENT(FUTURE & OPTIONS) COMMODITY SEGMENT IN SHARE MARKET AND LOST ALMOST 8 LAKHS CAN I CLAIM THIS LOSS UNDER THE HEAD INCOME FROM BUSINESS OR PROFESSION IF SO CAN I FILE RETURNS UNDER ITR-IV FORM ....ALSO WILL THE TURNOVER PILED DUE TO TRADES CARRIED IN THE FUTURES AND OPTIONS SEGMENT ATTRACT THE SECTIONS OF 44AA/44AB MAINTENANCE OF BOOKS OF ACCOUNTS AND AUDIT
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
08 September 2011 It would be speculative business loss and will not set off against any other income except speculation profit only.

You will have to file ITR - 4 form only.

Turnover in case of F & O is sum of negative and positive differences and if the same exceeds Rs. 60 lakhs then you are liable for tax audit u/s 44AB.
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