speculative transaction
This query is : Resolved
27 April 2010
but if in speculative business transactions...is there any provision tat if the loss is much more than any income from other head then it will be treated as speculative business else it will be a normal business loss which can be set off with HP,OS
27 April 2010
Explanation to section 73 applicable for companies:
[Explanation.—Where any part of the business of a company (74[other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property”, “Capital gains” and “Income from other sources”], or a company the principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.]
[Explanation.—Where any part of the business of a company (74[other than a company whose gross total income consists mainly of income which is chargeable under the heads “Interest on securities”, “Income from house property”, “Capital gains” and “Income from other sources”], or a company the principal business of which is the business of banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business to the extent to which the business consists of the purchase and sale of such shares.]
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