Is income from buying and selling of futures(not as a trader, but merely an investor) a speculative transaction? If yes, can does it fall within the meaning of "any other form of betting or gambling" under Section 115BB and thus attract Income tax @ of 30%?
1 Replies
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 12 April 2014
The profit/loss is assessable as business income/loss. Trading in derivative in securities and currency futures carried out on recognised stock exchange shall not be treated as speculative transaction.
Sec.115 BB are not applicable in this case.
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