ADJUSTMENT OF LOSS DUE TO TRADING IN USA SHARE MARKET

This query is : Resolved

sampad mohanty (Querist)
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10 July 2009 A RESIDENT AND ORDINARILY RESIDENT MADE SOME LOSSESS BY TRADING IN USA SHARE MARKET THEN CAN HE SETOFF THIS LOSS, IF YES THEN WHISH HEAD?

THINKING YOU
SAMPAD MOHANTY

taxindiaconnect

taxindiaconnect (Expert)
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10 July 2009 The worldwide income of a resident in India is taxable in India under Income tax Act 1961. Thus by making a transaction in USA stock market had some body made a profit in USA, he would have got taxed in India as per IT Act provisions under the head Income from capital gains. Similarly any losses, would definitely be allowable to him in India as per the provisions of section 70. However this would be subject to scrutiny from department and the claimant has to prove the genuinness of the transactions. However I have not touched upon the benefit available to a resident of India of DTAA between India and USA. If you have an actual query, just let me know in details, i would be happy to answer the same in the light of DTAA and IT Act.

sampad mohanty

sampad mohanty (Querist)
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11 July 2009 THANK YOU
I WILL SEND THE ACTUAL DATA .
THANKING YOU
SAMPAD MOHANTY

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