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Income tax on short term loss/speculation gain

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jarnail singh

21 Points Posted on 29 March 2017

I request you to help by giving following clarifications-

a)For Financial year 2014-2015-

TAX COMPUTATION STATEMENT GIVEN BY SHARE BROKING FIRM SAYS AS FOLLOWS

(I)SHORT TERM CAPITAL GAIN=(-) 4,00,865

(II)SPECULATION BUSSINESS INCOME=4,75,386

Pl let me know what income from shares I should declare for financial year 2014-2015.I hope income=(475386-400865)=74521

What is the percentage of income tax applicable against this.

2) Besides this i have professional taxable income of about 11,00,000 lakhs for this year.

3) Hope tax will be applicable on 1100000+74521(profit of shares).

Request pl urgently help.

Regards

JARNAIL SINGH

Replies (3)

Studentsca

CA Practice

2402 Points Posted on 29 March 2017

Income from short term capital loss cannot be set off against speculative business income. It cannot be carried forward also you have not filed your return on time. Your income for the year would be 1100000+475386. You will not get benefit of loss incurred.