Could you please explain on Tax implication on Future & Options. Whether it is non speculative business or speculative business. If it is non speculative business then it should fall in Capital gain head or else it should go into business head.
My one of the client received a notification u/s 143 from Income tax for dis allowed the losses on Future and options. I think we can consider this is an speculation business and if there is any loss happen we can carry forward to eight year for set off with profits.
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