sumit kansal (Ca Final Student) (170 Points)
16 July 2010sir
i have a business of coaching classess having net income of rs 180000
i also have following incomes:-
(1) intra day income rs 2000
(2) purchased share on first day and sold on next day delivery ( net loss 15000)
(3)loss from ncdx market( commodity) market (net loss rs 35000)
(4) loss from future and option (net loss rs 15000)
pls mail then answer at here or on casumitgupta10 @ gmail.com
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 16 July 2010
i think losses of Comidity market and F & O can not be set off againist non speculation business income therefore carry forward speculation losses will be 48000 [ (15000)+ (35000)+2000] and non speculation business taxable profit will be 165000 (180000-15000)
Pls check and confirm
Regards
Madhusudan K
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 July 2010
First
Duplication
/experts/share-trading-433825.asp
Triplication
/experts/incometax-433860.asp
Fourth time
/experts/incomtax-433870.asp
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 16 July 2010
1. Speculation Profit - 2000
2. Business Loss - 15000 (Looking towards the period of holding of shares)
3. Speculation loss - 35000
4. Business Loss - 15000
Business loss (15+15) Rs. 30k can be set off against coaching income
Speculation Loss of Rs. 33k (35-2) to be carried forward and not available for set off.
CAclubindia
