Vicky (Others) (41 Points)
15 June 2013if someone makes a total loss of 3lacs in stocks (STCL and speculation) and has paid 120000 (brokerage) + (40000) Other charges , can that be claimed separately.
I mean 3 lacs loss includes the brokerage + other charges of (160000) so can that be claimed against tax on other income such as salary
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 15 June 2013
I assume that the loss of Rs. 3 lacs is excluding brokerge & other charges and is basic purchase / sale rate loss.
In that case, u can claim 3 lacs + brokerage + other charges.....
Alok Siddapur
(Consultant)
(229 Points)
Replied 16 June 2013
You have to segregate STCL and speculation loss. While calculating STCL exepenses incurred towards STT cannot be reduced as per sec 48 of Income Tax Act, but while calculating loss on speculation STT expenses can be claimed as per section 37
Alok Siddapur
(Consultant)
(229 Points)
Replied 16 June 2013
STCL and speculation loss cannot be adjusted against income taxable under any other heads. Section 70 and 71
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