Question ID :
32751
How to claim losses of future & option
As we know that future & option are no more speculative business.Now it is treated as normal business.
Many salried person having future & option transaction & they have suffered losses..
One of my client is incurred net losses 10Lakh comprise of Total 14 lakh and 4 lakh profit..
In case of future and option TURNOVER= 18 LAKH (14 lakh +4 lakh)..
Now my question is how will book expenses of 8 lakh,to show losses of 10 lakh as brokerage,consultancy,internet & other exp is not more than 2 lakh ?????
Posted by
Anit Mohapatra
on
Jul 26, 2018
Filed Under
DIRECT TAXES
Answer ID :
71881
As per my opinion, the criteria of taking turnover as total of profit and loss from F&O is only for the purpose of checking the limit of tax audit under section 44AB. This is not the actual turnover to be taken in the Profit & Loss account. You can consider the net of profit or loss from F&O in your P/L account. I hope this will help in your query. Let me know in case there is any concern.
Posted by
Harsh Jain on
Jul 30, 2018