V.D.KRISHNA PRASAD (Private Employee) (183 Points)
07 December 2010can we setoff speculative short term capital loss with speculative Long term capital gain which is exempt because the LTCG is from sale of shares on which STT is paid
is there any provision in the It Act ,Becuse the LTCG is exempt we can't setoff STCL from sale of shares for the A.Y 2008-09
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27191 Points)
Replied 07 December 2010
Actually There is No Such Concept of Speculative STCG & Speculative LTCG.
Please Correct UR Question
V.D.KRISHNA PRASAD
(Private Employee)
(183 Points)
Replied 07 December 2010
i came to know that speculative loss can be carry forward for only 4 years. keeping that in mind i hope my speculation concept in setoff & carry forward exists.
| Originally posted by : AYUSH AGRAWAL | ||
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Actually There is No Such Concept of Speculative STCG & Speculative LTCG. Please Correct UR Question |
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ya agreed
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 07 December 2010
agreed with ayush...there is speculative or non speculative STCG/LTCG
CA. MUKESH KUMAR
(CHARTERED ACCOUNTANT)
(183 Points)
Replied 07 December 2010
There is no section from section 70 To 80 (under the chapter of set off , setoff and carry forward of loss) for speculative LTCG/STCG.
Either it can be speculative loss or LTCG/STCG.
Charging section of specultion loss/profit is section 28. While chargeability of LTCG/STCG create u/s 45.
In other words there is no such type concept in income tax
Dear V.N.Krishna Prasad.
1. In case if you do an activity where you don't take delivary then it is speculative business. It don't come under definition of capital assets. So there is no capital gain/loss.
2. Loss from speculative business can be setoff against income from speculative business and/or it can be carry forwarded for 4 years.
With Regards,
Sathyanarayanan
(Truth Lies Here)
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 07 December 2010
as per sec.43(5), speculation loss is CF & set off only against speculation income. It is CF till 4 AY.
CF only if the ROI is filed.
Resham
(Carpe Diem !!!)
(6535 Points)
Replied 07 December 2010
Thanks for asking this question...
It enhanced my knowledge...
Nishi
(CA Final Student)
(190 Points)
Replied 08 December 2010
There is no any provision in capital gain of speculative as said by Ayush sir.............Agreed..
But yah! for your information i would like to tell that there is one provison according to which any loss can't be setoff from exempt income.
Mayur Arora
(CA Final)
(295 Points)
Replied 08 December 2010
The provision which you stated in your second reply, Kirshna is applied on Speculative Business Loss.
I agree with the above views that there is no provision in the Income Tax Act which specify Speculative LTCG/STCG.
CA Tushar kabra
(B.com CA.Final student)
(42 Points)
Replied 08 December 2010
speculative business loss can be setoff against profit of speculative business and it can be carry forwarded for 4 A .Y.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
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