We can definately adjust
We dont have a section that we cant set off against 111A STCG
Vijay
(Adamo Studio)
(2112 Points)
Replied 05 June 2011
We can definately adjust
We dont have a section that we cant set off against 111A STCG
Aparna Raja K.C
(Student)
(520 Points)
Replied 06 June 2011
Well... all what i can contribute is...
Speculative transaction u/s 43(5) - a transaction in which a contract for the purchase or sale of any commodity, including stocks and shares is settled.
and as per sec. 73 - Speculative loss can only be adjusted against speculative income...
Aparna Raja K.C
(Student)
(520 Points)
Replied 06 June 2011
so as tushar stated... Speculative loss can be adjusted against the speculative gain ...
tax treatment is something we need to be concerned about on a later stage..
1st arrive at the net income.. then on tax calculation:)
M. N. JHA
(CA)
(8316 Points)
Replied 06 June 2011
M. N. JHA
(CA)
(8316 Points)
Replied 06 June 2011
srinivass
(CA Final)
(2466 Points)
Replied 06 June 2011
yes it canm be setoff against stcg.............. and mr.jha it is not a matter of INTRADAY OR TAX RATES............ just refer setoff and carry forward chapter once i hope u vl understand.....
M. N. JHA
(CA)
(8316 Points)
Replied 06 June 2011
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 06 June 2011
GUYS DONT CONFUSE URSELF HERE IS THE CONCRETE N SIMPLE ANSWER...
STCL is adjustable from STCG as per setoff rules...
1) Setoff provision doest diffrentiate b/w STCL/G us 111A or other STCL/G... therefore ALL STCL(clarify-U/s 111A+other) is adjusted agains STCG..
2)Dont confuse speculative & non speculative income ,...this classification is under PGBP & not under capital gain.
in case of any query write me at kitu.kool @ gmail.com
Upender Anand
(C.A final)
(58 Points)
Replied 06 June 2011
William Peter.a
(CA Final )
(179 Points)
Replied 06 June 2011
yes, it can be adjusted, but short term speculation business loss cannot be adjusted against this , short term speculation loss shuold be adjuted with short term speculation income
Aparna Raja K.C
(Student)
(520 Points)
Replied 07 June 2011
:) the definition of Speculative Transaction it self hold and includesthe transaction of Shares or Stocks.
so any gain or loss from sale or purchase of equty sharess will be considered as gain or loss frm Speculative Business :)
Aparna Raja K.C
(Student)
(520 Points)
Replied 07 June 2011
:P ... well... 1 min.. dont leave the room ....am yet to be clear...
why cant it be a speculative gain/loss?
it does satisy the conditions to be considered as a gain from speculative bussiness and as well as that of capital gain... so how should it be treated??
CAclubindia
