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).

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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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.

Querist : Anonymous

Querist : Anonymous (Querist)

02 April 2015 thank you very much sir

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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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).