I have loss on (f/o)trading non -speculative loss of Rs 2,80,000
and
1.speculative profit Rs 2,110
2.short term profit on shares Rs 25000
3.salary income 450000
4.capital gain on property selling
Rs 20lakh
5 bank interest on s/a
Rs 51000
how I set off non speculative loss and with whom?????
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Replies (14)
Is it a current year's loss or carried forward?
Current
Your speculatice loss can be carry forwardable upto 4 subsequent assessment years and can be set of against only speculative losses
Sir this is Non-speculative loss
Oh sorry.
non speculative losses can be adjusted against speculative profit -2110, short term profit on shares and balance against capital gain on sale of property.
Note -You cannot adjust any losses other than loss from house property against salaries .So you need to pay tax on salaries and balance income arrived after set off.
non speculative losses can be adjusted against speculative profit -2110, short term profit on shares and balance against capital gain on sale of property.
Note -You cannot adjust any losses other than loss from house property against salaries .So you need to pay tax on salaries and balance income arrived after set off.
Business loss other that speculative business of the current year can be set off against any income other than salary income. However, in case of carry forward of business loss, it can be set off only against business incomes.
Thnk u
Welcome
How to deal with off market transactions in e compliance
For non speculative loss means (loss in f/o trading) Rs280000
audit. is compulsory?????
audit. is compulsory?????
If turnover exceeds Rs. one crore then audit is compulsory.
Sir turn over is not exceeds 1crore, but loss in f/o trading, loss means less than 6per.. income, that's why my question is audit is compulsory
Yes u/s 44AD
Any other option?????
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