Taxation of shares & derivatives

harry (Awaiting ca final results)   (461 Points)

08 October 2009  

consider the following scenario:
Mr.X is a civil contractor and he invests Rs.5,00,000 with Y, a stock broker for conducting day trading in shares and options.so, the issue is
1. Under what head of income be profits from day trading be considered ?
2.How to compute profits in case of day trading from the statements given by the stock broker?
3.If it a loss can it be set-off and carried-forward?