04 July 2012
According to section 43(5), the expression “speculative transaction” means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips. Further, in view of Explanation to section 73, the transaction of purchase and sale of shares by non-banking and non-investment companies must also be deemed to be speculative transactions for tax purposes.
04 July 2012
Chargable under the head business and profession.
show under the head business and profession in the form under speculative business.
you can claim telephone expenses and likewise related expenses, but need to prove the nexus between the business and related expenses for the same. Also you can claim the STT paid agains this as deduction.
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