Whether a Govt. Servant can do intra day trading and F&O Trading? Is it allowed? If so, how the income or gain can be treated? My friend had gained about Rs.1,50,000/- in intraday trading and Rs.100,000/- loss on the F&O. Can he show Rs.50,000/- as income and pay the taxes accordingly?
1 Replies
santhosh
(CA)
(636 Points)
Replied 22 May 2010
Intra day trading is speculative income and loss on derivatives is normal business loss.Hence you can setoff, but the reverse is not possible.
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