F&O -Loss whether STCL/BL

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sdd
57 Points Posted on 09 July 2009

 

I indulge in day trading in the cash market and also in the futures and option (F&O) segment. Under which head of Income, the same is considered. My Loss is Rs. 1.70 lacs in the last FY 08-09?
Is is Short Term Capital Loss or Non-Speculative Business Loss  ??? What is Speculative Activity and Non_Speculative Activity ? How I ‘ll treat this loss in my IT Return ?
 
Thanks and regards,
 
Deepak Vats
 
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On 09 July 2009 at 19:28 Report
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Chartered Accountant
2061 Points Posted on 09 July 2009

Dear Mr. Vyas,

Loss from F & O Trading is to be considered as non-speculative business loss

and

Profit/Loss from day trading in cash market is to be considered as speculative business loss

and accordingly the Return need to be prepared. Also, there are chances that ur business turnover crosses the limit for tax audit. So, determine that also....

 

 

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On 09 July 2009 at 19:38
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FCA DISA Mcom CIFRS & LLB
7675 Points Posted on 09 July 2009

 agree

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On 09 July 2009 at 19:57
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CA
68 Points Posted on 04 February 2011

yes i agree on the above answer

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On 04 February 2011 at 19:47

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