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Rebate on brokerage

Tax queries 566 views 3 replies

if 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

Replies (3)

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.....

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

STCL and speculation loss cannot be adjusted against income taxable under any other heads. Section 70 and 71


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