Income from Intra Day Trading with Loan

Respected Sir,

Only education loan interest, repayment of housing loan principal & interest on housing loan is allowed u/s-80E, 80C & 24(b) of The Income Tax Act, 1961 respectively. So repayment of loan (including interest) taken for investment purpose is not allowed under the Act. Besides, as far as my knowledge is concerned, the taxability of such profit depends on whether it’s a business profit or capital profit. If it’s like future options, etc (which I m not sure as u said u r in intraday trading, i.e., same day trading) it will be treated as business income and fully taxable u/h “PGBP”. But if it’s like shares then you will be taxed u/h “capital gain”, except if it is LTCG on equity based shares listed in RSE & STT has been paid accordingly. I would like to advise you to take a second opinion from experts & other reliable sources as well.