11 June 2009
i am salaried person. in FY 2008-09 i have stcl of 80000/- & shares specultaive profit of 7000/-. pls let me know the tax inplication on the same. What will be the rate of IT on speculative profit?
11 June 2009
STCL can be set off against STCG or LTCG only. So the STCL wil be carried forward to be set off in future years upto 8 years and you wil have to pay tax on speculation profit of Rs. 7,000/- at slab rates
19 July 2010
Dear Anup It is clearly mentioned that it is share speculation profit of Rs. 7,000/- and STCL of Rs. 80,000/-. So how can speculation profit be treated as STCL? And the query has been resolved a month ago. No use replying with a wrong answer now.
And in any case there is tax which will be paid even if the same is treated as STCG and the answer given is not proper as mentioned above.
CAclubindia
