CAN PROFIT IN STOCK(DERIVATIVE) US MKT BE OFFSET WITHC/F LOSSES IN DERIVATIVE INDIAN MKT

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..... CAN PROFIT IN STOCK(DERIVATIVE) US MKT BE OFFSET WITHC/F LOSSES IN DERIVATIVE INDIAN MKT
Query (Issue) Started By: - satinder chadha Dated:- 24-11-2011 Last Reply Date:- 4-12-2011 Income Tax
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..... t 2 Replies
Income Tax
X is an Indian proprietary concern which has c/f losses in Indian derivative market . X trades in United States derivative market as an individual and has profits. Can X o .....

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..... ffset his proprietary concern derivative losses with profits from individual account in derivative trading in USA? Reply By Deepak Nagori: The Reply: Dear Satinder, Income tax Act does not make any .....

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..... distinction for profits / losses in India or in foreign countries for residents. So assuming X is a resident, he can offset the losses in India from profit in foreign country. Also derivative transac .....

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..... tions are not speculative transactions u/s 43(5). Hence b/f losses upto 8 years before are eligible for set off against the foreign profits. Regards CA Deepak Nagori Reply By satinder chadha: The R .....

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..... eply: Thank you sir.I am overwhelmed by the pain you have taken to answer the question.Thank you sir once again.
Discussion Forum - Knowledge Sharing .....

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