Intra-day in shares whether speculative

This query is : Resolved 

27 August 2008 Income on Intra day in shares

Whether treated as speculation profit or non-speculative profit

27 August 2008 it is speculation business.

28 August 2008 give me legal support whereas future and options are not speculative business now as per clarifications of CBDT


28 August 2008 though its look illogical that F&O trade is treated under normal business where as the day trading as speculative trade but this is true.

Now what is meaning of speculative business ,we can say where we trade without a motive of taking deliveries or giving deliveries it will be treated as speculation so by these definition both intra day trade and F& O are covered under speculation Income

But CBDT has through its notification notifies that F&O income will be treated as normal business Income and nothing is said about other speculative activities so they remain with the earlier status and will be covered under speculation income

This has been done to promote F&O in equities.One thing you should also remember that commodity Future are also covered under speculation as the said notification only cover F& o of equities




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