derivatives

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DR RAHUL SANT (Querist)
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16 August 2007 is trading in derivatives speculative or normal business income? can loss in derivatives be set off against normal business income

rahul

CA Sandeep Jhawar

CA Sandeep Jhawar (Expert)
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19 August 2007 Trading in derivatives is like trading in shares only.

Speculative transaction means the transation is settelled without being taking the actual delivery.

Speculative income definition does not include the derivatives. So derivatives are taxable under the head "Capital Gain".

So Trading in derivatives is neither a speculative nor a normal business income. And loss in derivatives cannot be set off against the normal business income.

Jitender

Jitender (Expert)
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21 August 2007 as per CBDTs guidelines, income from derivatives is income from business & not income from speculation & nor capital gains.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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20 March 2008 CAN BE SET OFF

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