Dear all,
I have a query regarding section 88E - Rebate of STT:
I have a Profit from Futures & options and loss from day trading activities. Loss being in the nature of speculation loss wont be allowed to be setoff against the F&O profit.
HOwever, Do I get the benefit of STT paid on those speculative transactions while claiming rebate u/s 88E?
The doubt arises because of the wordings of S. 88E which specifies that the asessee shall be entitled to rebate on the income which is chargeable under the head Business & Profession. Since, Income includes negative profit too, whether the assessee can claim rebate on speculation loss ??
PLease do post reasons for your replies
CAclubindia
