12 January 2010
SIR, GENERALLY IN THE SHARE MARKET THERE ARE 4 TYPES OF DEALINGS- 1. FUTURE & OPTION (PROFIT/LOSS) - TREATED AS BUSINESS PROFIT/LOSS 2. DELIVERY (PROFIT/LOSS) - TREATED AS 'BUSINESS (PROFIT/LOSS)' FOR BUSINESS PEOPLE AND TREATED AS 'SHORT TERM (PROFIT/LOSS)'FOR INVESTMENT PURPOSE. 3. SAME DAY JOBING (PROFIT/LOSS) - TREATED AS SPECULATION (PROFIT/LOSS). 4. COMMODITY (FUTURE) PROFIT/LOSS - TREATED AS SPECULATON PROFIT/LOSS. KINDLY ADVISE ME WHETHER LOSES OF COMMODITY FUTURE/SHARE SPECULATION CAN BE ADJUSTED AGAINST FUTURE & OPTION/DELIVERY PROFITS IN THE SAME YEAR OR IN SUBSEQUENT YEARS.
13 January 2010
speculation losses can be adjusted against speculation profits in the same or in subsequent years, as per the provisions of section 77a
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