Taxability as Business Income or Speculation Business Income

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Ajay Chhaya (Querist)
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31 December 2008 Profit / Loss on the transaction under F&O ( Future & Option) are the Speculative Business or a Normal Business Income.

Can this Income / Loss be setoff against the income.loss of other business income. ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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31 December 2008 It is a non-speculative income/loss. Loss arising therefrom can be set off against other business income.

CA Vivek Jain

CA Vivek Jain (Expert)
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31 December 2008 Derivative transaction is not taxable as speculative if certain conditions are fulfilled.

CA Vivek Jain

CA Vivek Jain (Expert)
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31 December 2008 It is a non-speculative income/loss. Loss arising therefrom can be set off against other business income.

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