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Taxability as Business Income or Speculation Business Income

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(Querist)
31 December 2008 Profit / Loss on the transaction under F&O ( Future & Option) are the Speculative Business or a Normal Business Income.

Can this Income / Loss be setoff against the income.loss of other business income. ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
31 December 2008 It is a non-speculative income/loss. Loss arising therefrom can be set off against other business income.
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CA Vivek Jain

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CA Vivek Jain (Expert)
31 December 2008 Derivative transaction is not taxable as speculative if certain conditions are fulfilled.
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CA Vivek Jain

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CA Vivek Jain (Expert)
31 December 2008 It is a non-speculative income/loss. Loss arising therefrom can be set off against other business income.

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