Taxability of Trading in Futures & Options as per IT Act
This query is : Resolved
24 January 2009
SIR,
CAN YOU PLEASE EXPLAIN THE TAXABILITY OF GAIN/LOSS ARISING FROM TRADING IN FUTURES & OPTIONS.
AS PER SEC43(5, THEY ARE NOT TREATED AS SPECULATIVE TRANSACTIONS. THEN UNDER WHICH HEAD OF INCOME SHOULD IT BE CONSIDERED- BUSINESS INCOME OR SHORT TERM CAPITAL GAINS.
ALSO PLEASE EXPLAIN ABOUT THE TREATMENT OF LOSS ARISING THEREFROM SUCH TRANSACTIONS (SETOFF, CARRY FORWARD ETC).
CAN YOU PLEASE EXPLAIN THE TAXABILITY OF GAIN/LOSS ARISING FROM TRADING IN FUTURES & OPTIONS.
AS PER SEC43(5, THEY ARE NOT TREATED AS SPECULATIVE TRANSACTIONS. THEN UNDER WHICH HEAD OF INCOME SHOULD IT BE CONSIDERED- BUSINESS INCOME OR SHORT TERM CAPITAL GAINS.
ALSO PLEASE EXPLAIN ABOUT THE TREATMENT OF LOSS ARISING THEREFROM SUCH TRANSACTIONS (SETOFF, CARRY FORWARD ETC).
24 January 2009
Income/loss will be considered under the head Income from Business/ profession.
Carry forward/setoff will be allowed just like other business losses.
Carry forward/setoff will be allowed just like other business losses.
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