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Fd interest - is it capital gain?
Is FD interest considered as (short term) capital gain? If yes, can loss under future/options set off against FD interest for income tax purpose? Also, since tax on FD interest is to be paid on accrual basis how it can be set off against STCL in F&O?
Replies (4)
No FD interest is taxable as income from other sources. Income(+ve or -ve) is chargeable as business income and not under capital gains. FD interest can be set off against business loss
Its Interest income, not under CG.
IF a debt mutual fund is sold (lets say in less than 3 years of buying it is sold) then that short term gain can it be set off against losses in shares futures/options?
Yes the loss in F&O can be set off against STCG
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