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Section 73 - Losses in Speculation Business

Income Tax - Set off and Carry forward of Losses - 07 - SEC - 73: LOSSES IN SPECULATION BUSINESS Losses of speculation can be SET OFF against profits of speculation business. Such losses can be carried forward for 4 AY s and SET OFF against speculation income only. Section 43(5): defines a Speculative Transaction to mean a transaction in which a contract for purchase or sale of any commodity, including stocks and shares is periodically or ultimately settled otherwise than by actual delivery or t .....

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re satisfied: It is carried out electronically on screen based system. It is carried out through a duly registered stock broker or sub-broker. It is carried out on a recognized stock exchange. It is supported by a duly stamped contract note issued by such stock broker or sub-broker or intermediary to its client the contract note indicates the unique client identity number the contract note indicates the PAN Analysis of amendment made by Finance Act, 2013 & Finance Act, 2014 The amendment see .....

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an agricultural commodities will not be regarded as speculative transaction. Forward contract on agricultural commodities will be treated as speculative transactions. A transaction shall be regarded as eligible transaction in derivatives in commodity and thus not being considered as speculative transaction only if following conditions are satisfied: Transaction is in a commodity other than agricultural commodity It is carried out electronically on screen based system It is carried out through a .....

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held as capital assets i.e. investments. The profit/ loss is assessable as Business Income if shares are held as stock-in-trade. 2. Purchase and sale of shares where deliveries have not been effected i.e. INTRADAY TRADING i.e. the transaction of purchase / sale is squared off on the same day [Cash segment of Share Market] The profit/ loss is assessable as Speculation Income 3. Purchase and sale of securities Derivatives/ Future & Options i.e. Without delivery The profit/ loss is assessable a .....

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