Tax impact for future and option trading
This query is : Resolved
26 June 2014
sir,
i am a salaried person within a slab limit of 2 lakhs to 5 Lakhs.And also i am receiving insurance commission around 10,000 per annu and also deducting TDS.
i am having demat account with 3 brokers.
doing intraday and options trading.
i met loss in future and option for the year 2014 and 2015( in the month of April, May and June 2014)
my question are
1. can i adjust the loss from option trading? and howlong it can be carry forward?
2. which type of return should file?
3. is it come under Business or profession?
pls advice me
thanks
Karthik
i am a salaried person within a slab limit of 2 lakhs to 5 Lakhs.And also i am receiving insurance commission around 10,000 per annu and also deducting TDS.
i am having demat account with 3 brokers.
doing intraday and options trading.
i met loss in future and option for the year 2014 and 2015( in the month of April, May and June 2014)
my question are
1. can i adjust the loss from option trading? and howlong it can be carry forward?
2. which type of return should file?
3. is it come under Business or profession?
pls advice me
thanks
Karthik
05 July 2014
Option trading loss is a speculation loss which can be carried forward for 4 years, adjustment against such speculative gain.
It will come under business, so relevant return has to be filed with tax audit.
It will come under business, so relevant return has to be filed with tax audit.
11 August 2014
have to disagree. Options trading is not speculative income. please refer proviso to section 43(5). such losses/incomes shall be considered as normal business loss/income and shall be available for carry forward upto 8 assessment years.
12 August 2014
I agree with Nikhil Kaushik.
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
