One of my relative is trading in derivatives and i managed to get statements from them. There are two statements, one is ''Client wise global net position (Cash cumulatives)'' and ''Client wise global net position (derivative cumulatives)''. The statement consists of items of purchase and sale. I wanted to know more details as to what the statement is all about, and profit/loss as indicated in the statement, will it be taxed. Or is there any other adjustment to be made??
Have posted the same query in income tax category also..