Share/ future loss

I think first of all there is a tying mistake i. e. your query is for F. Y. 2008 - 09.

Share Trading profit i. e. intra day profit is treated as speculative business profit and the loss of the same can be adjusted against speculative business income only.

F & O is accounted on mark to mark basis and profit or loss is treated as non speculative business income and can be set off against any other speculative income or business income.

Turnover for both the above is generally calculated as profit + loss. Hence if the same crosses 40 lakhs the assessee is liable for audit u/s 44AB.

So if the assessee is having other goods trading profit then the same can be set off against F& O Loss only.

Dear,

Income/ Loss from the Share trading wont be set off against the other Business Incomes. They are chargeable @ Different rate of Taxes. It wont be treated as an Receipt for calculation of Turnover.

if shares in name of Father & Mother jointly (Father is first holder) is given to son after the death of father. will the capital gain received by son will be clubbed with mother ?is this amounts to inheritance / Gift / transfer ? though LTCG is exempt U/s 10(38) and Dividend is exempt U/s 10(34) will it be clubbed with mother or assessed under son (Son is not minor) if any case law or judgement please let me know