CA Mayur Sojrani (CA) (318 Points)
02 December 2010Hey hi guys
Suppose I have business loss (dealing in derivatives) of Rs 1,00,000 & stipend income of Rs. 1,80,000.
Can such loss can be set of against stipend Income......?
CA AYUSH AGRAWAL
(Kolkata-Pune-Mumbai)
(26986 Points)
Replied 02 December 2010
Yes,
It Can Be Set Off in Same Year.
as Non Speculation Business Loss Can Be Set Off Against Other Source Income.
Stipend Income
As in the course of apprenticeship or industrial training, no relationship of employer and employee is created in the manner as understood for taxability under the head salaries, the amounts received would be taxable under the head, `Income from Other Sources.' Deduction for expenses incurred to earn the income can, however, be claimed under Section 57.
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 02 December 2010
Dear Ayush thanks For Clarification.
CA Mayur Sojrani
(CA)
(318 Points)
Replied 04 December 2010
hey then if suppose stipend is of Rs. 18,000 pm,
then can we claim expenditure on it of earning that stipend.
like traveling, tution fees, etc
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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