Set off of business loss with speculation profit
This query is : Resolved
Guest
Guest
(Querist)
18 December 2010
Dear Friends / Experts,
Please express your views on the following :
A, an individual engaged in Shares Trading.
Query
A has profit on speculative transactions of Rs.65000/-.
A has loss on delivery based transactions of Rs.85000/-.
Whether A can set off this loss of Rs.85000/- with speculation profit of Rs.65000/-.
Ans : ...................
I shall wait for your views with any relevant IT sections / provisions.
Please express your views on the following :
A, an individual engaged in Shares Trading.
Query
A has profit on speculative transactions of Rs.65000/-.
A has loss on delivery based transactions of Rs.85000/-.
Whether A can set off this loss of Rs.85000/- with speculation profit of Rs.65000/-.
Ans : ...................
I shall wait for your views with any relevant IT sections / provisions.
18 December 2010
Delivery based transactions are classified under the head "Capital Gains"....
and Speculative Transactions are categorised under "Business Income"....
Losses under the head “Capital gains” cannot be set off against income under other heads of income.
and Speculative Transactions are categorised under "Business Income"....
Losses under the head “Capital gains” cannot be set off against income under other heads of income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Capital gain consideration
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
CAclubindia
