28 November 2013
Dear Sirs/Experts My first question is -How do you treat intraday FNO profits and losses ? As speculative profit/loss or non-speculative profit/loss? My second and final question is How do you treat non-speculative FNO profit/loss? As business profit/loss or as short term capital gain/loss? It shall help if you give answer supported by latest case laws. THANKS IN ADVANCE
28 November 2013
In case of F&O the intraday transaction is as good as transaction settled on a cut off date as-ultimately- the settlement is done without delivery and on the basis of price difference. . By virtue of Section 43(5) such transactions are normal business transactions. . In our country, concept of capital gains in F&O has yet not been introduced. .