20 December 2008
i have carried forward loss of futures & options(f&o)for asst year 2005-06 when it was treated as speculation loss.But For asst year 2006-07 F&O Profit has been given the status of business profit through budget announcement.so now what will be the fate of my speculation loss.can it be set off against f&o profit in asst year 2006-07 or it has to be set off against speculation profit only.
21 December 2008
Section 43(5) has no retrospective effect. So loss of asst.year 2005-06 remains as speculative loss and set off is allowed only against speculative profit.
CAclubindia
