Spaculative profit

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Rakesh (Querist)
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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

CA Hemant T Dewani (Expert)
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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

CA. GOPAL SONIKA (Expert)
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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

Late CA Sampat Jain (Expert)
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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

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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10 March 2008 SPECULATIVE BUSINESS LOSS AND CAPITAL GAIN LOSS BOTH CANNOT BE SET OFF AGAINST OTHER BUSINESS INCOME

R.V.RAO

R.V.RAO (Expert)
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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

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