PLEASE TELL ME IF I AM WRONG
SPECULATION PROFITS CAN USED FOR SETTING OFF OTHER LOSSES BUT
SPECULATION LOSSES CAN SET OFF ONLY AGAINST SPECULATION PROFTS.
INCOME IS INCLUDED IN TOTAL INCOME OR NOT.
7 Replies
* Krishna *
(CA Student)
(6149 Points)
Replied 04 July 2011
YES.
Loss in Speculation Business can be set-off only against Profits of other Speculation Business &
Profits from Speculation Business can be adjusted for other Business Losses.
praveen
(Chartered Accountant)
(6971 Points)
Replied 04 July 2011
| Originally posted by : AKSHIT MALHOTRA | ||
 |
PLEASE TELL ME IF I AM WRONG SPECULATION PROFITS CAN USED FOR SETTING OFF OTHER LOSSES BUT SPECULATION LOSSES CAN SET OFF ONLY AGAINST SPECULATION PROFTS. INCOME IS INCLUDED IN TOTAL INCOME OR NOT. |
 |
I will say it is partly correct because speculation profits cannot be used to adjust loss of LTCL , STCL, Losses from race horses.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 04 July 2011
agree with you that speculation loss set off against only speculation income ,the income from speculation shown sepratelly
it is added in your total gross income but taxed separelly
AKSHIT MALHOTRA
(C.A Final Student)
(1337 Points)
Replied 04 July 2011
THANKS A LOT KRISHNA,PRAVEEN SIR & VALJI SIR.
shaishav soni
(CA final)
(348 Points)
Replied 04 July 2011
Agree with krisha & praveen,LTCG/STCL are subject to tax calculation seperately & speculation losses only could set off by speculation profits,u can carry forward speculation losses.
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 04 July 2011
| Originally posted by : valji | ||
|
|
agree with you that speculation loss set off against only speculation income ,the income from speculation shown sepratelly it is added in your total gross income but taxed separelly |
|
Kalpp Careers
(Proprietor)
(131 Points)
Replied 05 July 2011
| Originally posted by : Sanjay | ||
|
|
what is the mystery of letter R regarding Praveen Sharma(accounts) sir and Sanjay Agarwal(costing) sir? |
|
This R is nothing but bull-sh*t.
Focus kon your studies, these things do not help in any manner.
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