Speculation business
This query is : Open
17 November 2009
Respected All,
As per Explanation to Section 73 of the I.T.Act, where any part of bus. of co. consist of purchase or sale of shares, such company will be deemed to be carrying on speculation bus of trading in shares.
Exception- if the GTI CONSISTS MAINLY OF Inc from HP, CG, OS.
Is the below-mentioned loss in share trading a speculation loss or not?
Example:
Loss in Trading in shares - (20,00,000)
Business income from stock broking - 50,00,000
Regards,
Jyoti
As per Explanation to Section 73 of the I.T.Act, where any part of bus. of co. consist of purchase or sale of shares, such company will be deemed to be carrying on speculation bus of trading in shares.
Exception- if the GTI CONSISTS MAINLY OF Inc from HP, CG, OS.
Is the below-mentioned loss in share trading a speculation loss or not?
Example:
Loss in Trading in shares - (20,00,000)
Business income from stock broking - 50,00,000
Regards,
Jyoti
17 November 2009
Seems the exception given is only for 'investment companies'.
18 November 2009
Thank you for the reply.
The company mentioned above is not an investment company.
In that case, is the loss in share trading of Rs.20,00,000/- a speculation loss
The company mentioned above is not an investment company.
In that case, is the loss in share trading of Rs.20,00,000/- a speculation loss
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