Intraday share trading loss set off against regular business income

Rakesh Raval (Querist) 03 August 2012 This query is : Resolved
If Assessee doing Intraday share trading and made loss. Assessee main business is Practision Doctor. So the Intraday Share trading loss set off against his regular business income.

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A V Vishal (Expert) 04 August 2012
No speculative loss cannot be setoff against business income

B.Chakrapani Warrier (Expert) 05 August 2012
Loss of intraday trading in shares is "speculative loss" where as income from medical profession is "normal income" and hence set off is not permitted as per section 73 of the Income tax Act,1961.

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