A proprietor client has professional business income during the year
He also has loss in Future Options trading which is one time only.Will the loss be treated as business loss and can it be set off against the professional loss
Also does it make a difference if the person is resident or non resident or NOR
Hello Mr. Vinod Kumar,
Your client transaction comes under the Definition" An adventure in the nature of trade", therefore it is taxable as business income or loss.
CIT Vs M. Krishna Rao 1978 A.P. H.C.
Your client Business is a speculative business. Speculative business loss can be set off only against Speculative business profit as per section 70 of I.T. Act.
Regards,
Kiran Kumar V
I differ Business Loss can be sett off with any other head.& f & o loss is a business loss as per law.
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