taxation of derivatives
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 June 2010
i would like to know about a particular transaction exposure. i have incurred a loss on future comodities trading of rs 74960 and incurred a profit on futures/options of rs.785744.and loss on sale of mutual fund of 1494.00. how can it be taxable in my individual file.i have incurred a loss of long term capital gain of 515000, therefore should i be able to set off my LTCL against futures profit.
08 June 2010
NO DEAR IT IS NOT POSSIBLE. LONG TERM CAPITAL GAIN FROM SALE OF SHARES IS EXEMPT FROM TAX. SO HOW CAN YOU ADJUST LONG TERM CAPITAL LOSS WITH FUTURE PROFIT.
Rs.74960/- CAN BE SET OFF FROM Rs.785744/- IN THE SAME YEAR.
Rs.74960/- CAN BE SET OFF FROM Rs.785744/- IN THE SAME YEAR.
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