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Future & Option transactions

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(Querist)
09 July 2009 Please tell me the treatment of F&O trnsactions.Whether it is a speculation business or an ordinary one for carry forward of business losses.Kindly specify notification no (if any) in this regard.

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CA Sameer Upadhyay
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 July 2009 It is non speculative income vide proviso (d) of sub section 5 of section 43 of the Income tax Act,1961.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
09 July 2009 agree
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