Earning from tution and loss in commoditity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 April 2015
Hi
In last FY I earned 7 lakh from tution and lost 2 lakh in commodity and share market.
my question is that: this loss will be setoff from 7lakh or not. (I have to pay tax on income as 7 lakh or 5 lakh(7-2).
In last FY I earned 7 lakh from tution and lost 2 lakh in commodity and share market.
my question is that: this loss will be setoff from 7lakh or not. (I have to pay tax on income as 7 lakh or 5 lakh(7-2).
02 April 2015
You cannot set-off the loss from commodity and share market against your tution fees.
However, you can carry forward the loss from commodity and share market for next 4 assessment years.
However, you can carry forward the loss from commodity and share market for next 4 assessment years.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 April 2015
thank you very much sir
06 April 2015
beg to disagree...only intra-day losses on shares cannot be set off ...commodity losses can be set off as it would be protected under exceptions provided in section 43(5).
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