1) Suppose, a person has Short term capital loss of Rs. 8 lacs and speculation income from day trading of shares is of Rs. 2 lacs then how the tax is computed? at what tax rate?
2) Which ITR is to be used?
3) Instead of short term capitla loss, had it been short term capital gain of Rs. 8 lacs from shares and speculation income from day trading of shares is of Rs. 2 lacs then how the tax is computed?at what tax rate?
LOSS ON ACCOUNT OF SPECULATION CAN BE SET OFF ONLY AGAINEST PROFIT FROM SPECULATION. AGAIN SHORT TERM CAPITAL LOSS CAN BE SET OFF ONLY AGAINEST SHORT TERM CAPITAL GAIN AND LONG TERM CAPITAL GAIN. THEREFORE THE SHORT TERM CAPITAL LOSS CANNOT BE SET OFF AGAINEST SPECULATION PROFIT AND NOR THE SPECULATION LOSS BE SET OFF AGAINEST SHORT TERM CAPITAL GAIN.
REGARDS.
Karia Overseas
Ahmedabad
CA
View Details
T R SOOD & CO
New Delhi
CA Inter
View Details
SMJ global advisors pvt ltd
New Delhi
B.Com
View Details
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
CAclubindia
