Question ID : 33800

FUTURE & OPTION LOSS

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 8Lakh comprise of Total 14 lakh and 6 lakh profit.. In case of future and option TURNOVER= 20 LAKH (14 lakh +6 lakh).. Now my question is how will book expenses of 12 lakh,to show losses of 8 lakh , also while claiming loss do we need to do audit u/s44AD & if not how to show this in P & L of ITR return. Please guide me in details how to show this loss in ITR return.

posted by NADIR D SHAIKH on Sep 8 2018 12:00AM