Roopeshkumar L (Artical) (142 Points)
25 January 2012Hi all,
One of our Client made Purchases & Sales of Futures & Markets (Shares) during the year but he has incurred loss in futures & made profit in Markets (Shares).
rahul kumar ladia
(CA)
(24 Points)
Replied 25 January 2012
future's loss will be covered under speculation loss and comes under the head PGBP
and if there was no any delivery taken in market it also covered in speculation profit however if delivery of shares are taken then heads of income will depends upon intention of seller wheather he purchase it as an investment or to trade in the market
rahul kumar ladia
(CA)
(24 Points)
Replied 25 January 2012
you can set off each other only if you covered both under speculation business
CAclubindia
