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?
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Income on Intraday
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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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