Set off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2012
Whether set off is available from losses in derivative transaction from income from other sources other tha winning from lottery ,puzzle etc. confirm tax liability in following case:
Business income from
income from Derivative future & option rs 2,00,000
Income from other sources Rs 2,50,000.
Then tax liability of asseses would be NIL
Business income from
income from Derivative future & option rs 2,00,000
Income from other sources Rs 2,50,000.
Then tax liability of asseses would be NIL
06 January 2012
BUSINESS LOSS CAN BE SET OFF AGAINST CURRENT YEAR'S INCOME OTHER THAN SALARY INCOME.
IN CASE LOSS IS -200000, TAX LIABILITY WILL BE NIL.
IN CASE LOSS IS -200000, TAX LIABILITY WILL BE NIL.
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