Set off of business loss with speculation profit
This query is : Resolved
Guest
Guest
(Querist)
18 December 2010
Dear Friends / Experts,
Please express your views on the following :
A, an individual engaged in Shares Trading.
Query
A has profit on speculative transactions of Rs.65000/-.
A has loss on delivery based transactions of Rs.85000/-.
Whether A can set off this loss of Rs.85000/- with speculation profit of Rs.65000/-.
Ans : ...................
I shall wait for your views with any relevant IT sections / provisions.
Please express your views on the following :
A, an individual engaged in Shares Trading.
Query
A has profit on speculative transactions of Rs.65000/-.
A has loss on delivery based transactions of Rs.85000/-.
Whether A can set off this loss of Rs.85000/- with speculation profit of Rs.65000/-.
Ans : ...................
I shall wait for your views with any relevant IT sections / provisions.
18 December 2010
Delivery based transactions are classified under the head "Capital Gains"....
and Speculative Transactions are categorised under "Business Income"....
Losses under the head “Capital gains” cannot be set off against income under other heads of income.
and Speculative Transactions are categorised under "Business Income"....
Losses under the head “Capital gains” cannot be set off against income under other heads of income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Rental income of jointly held property
- FEMA regulation Act. for inward remitance
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
