INTRADAY GAIN/LOSS

This query is : Resolved

krunal (Querist)
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27 January 2010 CAN THIS GAIN OR LOSS BE SHOWN IN ITR AND IF LOSS IS THERE CAN WE CARRY FORWARD IT OR NOT?
IF GAIN IS THERE THEN WHAT TYPE OF TAX IT ATTRACTS?
I AM TALKING ABOUT INTRADAY TRADING IN STOCK MARKET.

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)
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27 January 2010 Loss from the speculative busines is not allowed.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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27 January 2010 Intra-day transactions are known as spectulative transactions.

Loss from such transactions are eligible for carry forward for 4 assessment years.

But this would be set-off from the "speculative profits" only.

( Humour - Government thinks that speculators should continue their activities till they make profits ! )

Normal rate of taxation is there on speculative transactions also.

SO BROTHER "CARRY ON" SPECULATIVE TRANSACTIONS ! "CARRY FORWARD" IS AVAILABLE.

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CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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27 January 2010 Agree with experts.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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27 January 2010 spectulative loss can be carried forward till 4 A.Y.
But you have to file the return within time on belated return it can't be carried forward.