Sub : - Capital Gain Hi sir, I need of your suggestions about following points: 1) F & O Profit / Loss: - What is tax treatment of F & O Profit / Loss. 2) Short Term & Long Term Capital Gain: Please clarify me about tax treatment of S T & L T Capital Gain for F Y 07-08 & 08-09. Please explain me proviso to Sec. 111A. Thanks Regards Pankaj Sonar
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CAPITAL GAIN
Replies (2)
(1) Profits / (Loss) of F & O are treated as speculative business.... hence its gain or loss from business.
(2) (a) Short Term Gain / Loss U/s 111A is taxed @ 10% and 15% resepctively for F.Y. 07-08 and 08-09 ....
(b) If its long term gain / loss from securities on which STT is paid... any gain or loss is exempt u/s 10(38)
(c) If short term gain is other than point (a) then it will be taxed at normal rate..
(d) if long term gain is other than point (b) then it be taxed at the special flat rate of 20%....
I agree with Megha for STCG/LTCG .And Profit & Loss from F&O and derivative pl. refer sec 43(5) as amended fro the AY.2006-07 It is not a speculative business .
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