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Share Trading in Future & Option

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21 August 2008 my friend doing share trading and he made 40 lakhs turnover in this year in future & Option. whether he is levied with capital gain tax for this year if he got profit?
If yes in which slab and will it is treated as income from Business or Profeesion head?

21 August 2008 Income from F&O segment will be trated as Business Income and the same is taxable at normal rates.



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