Can anybody pls confirm
if we can claim 80C deduction against intra day share trading income?
I m not aware of a restriction that we cant claim....
Regards
ravi.
(article trainee)
(424 Points)
Replied 26 July 2010
i think 80C deduction will be available against inra day trading income..no such any restriction..
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 26 July 2010
dear lucifer
it is an speculation business income. yes u can cliam deduction under sec.80. there is a restriction that u can not set off the loss of this income with other income but there is no restriction regarding the deduction.
pratik
(C A Final Student)
(28 Points)
Replied 27 July 2010
Deduction under Chapter VI-A is not applicable in the following cases.
A. Short Term capital gain covered under Section 111A
B. Long term capita gain
C. Winning
That means 80C deduction is applicable or set off or claimed against intra day trading income.
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 27 July 2010
Agreed with all friends,
Intra day trading income considered as Speculation income and we should claim the deduction under sec 80C.
Regards,
Manoj
Kiru.G
(Article Assitant)
(273 Points)
Replied 27 July 2010
Yes can claim deduction u/s 80c bt not set off the loss
Anup rathi
(CA FINAL)
(268 Points)
Replied 27 July 2010
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