Spaculative profit
This query is : Resolved
08 March 2008
Can Spaculative share Loss (Inra Day) or delvery base loss(through D Mat transfer) can be set off with other busniess income.
CA Hemant T Dewani
(Expert)
08 March 2008
Spaculation loss will not be setoff against any other income only dmat a/c loss will be setoff against any income
CA. GOPAL SONIKA
(Expert)
09 March 2008
What are u saying Mr hemant. How can the delivery base loss which is either a short term or long term be setoff agst other business loss.
Late CA Sampat Jain
(Expert)
09 March 2008
Section 71(3) reads as under:
3) Where in respect of any assessment year, the net result of the computation under the head “Capital gains” is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to have such loss set off against income under the other head.
HOEVER IF YOU ARE TRADING IN SHARES AND LOSS FROM SHARES IS BUSINESS LOSS .......SITUATION WILL BE DIFFRENT
3) Where in respect of any assessment year, the net result of the computation under the head “Capital gains” is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to have such loss set off against income under the other head.
HOEVER IF YOU ARE TRADING IN SHARES AND LOSS FROM SHARES IS BUSINESS LOSS .......SITUATION WILL BE DIFFRENT
10 March 2008
SPECULATIVE BUSINESS LOSS AND CAPITAL GAIN LOSS BOTH CANNOT BE SET OFF AGAINST OTHER BUSINESS INCOME
10 March 2008
LOSS ON SHARES WHICH WERE IN DEMAT FORM IS DELIVERY BASED AND FORMS SHORT OR LONG TERM LOSS OR PROFIT .
WHERE AS INTRADAY IS SPECULATIVE GAIN OR LOSS. BOTH CANNOT BE SET OFF AGAINST OTHER BUSINESS INCOME.
R.V.RAO
WHERE AS INTRADAY IS SPECULATIVE GAIN OR LOSS. BOTH CANNOT BE SET OFF AGAINST OTHER BUSINESS INCOME.
R.V.RAO
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- MSME disclosure and disallowance
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
