On-line Share Trading

---

My Cousin is engaged in the online share trading activity. For the F.Y ended on 31st march '07, he incurred loss in aforesaid business and wishes to file income tax return so as to disclose the loss and enable the loss that returned so to set-off against profits during next years. Please ensure me if such income from online share trading activity need to be disclosed under "Income from Speculation Business" or "Income from Capital Gains". (All purchase and sale of shares are subject to STT.)