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CAN THE LOSS IN CURRENCY TRADING IN UNITED STOCK EXCHANGE BE ADJUSTED WITH BUSINESS INCOME.

Dec-15th-2011

CAN THE LOSS IN CURRENCY TRADING IN UNITED STOCK EXCHANGE BE ADJUSTED WITH BUSINESS INCOME.

AMIT CHOWDHARY

Replies

  1. Editor Said,

    Dear Mr. Choudhary

    Loss from Currency derivative is a "loss form business other than Speculation Business" if transaction entered through a recognised stock exchange. For the purpose of proviso given in section 43(5) NSE,BSE, MCX Stock Exchange Limited & United Stock Exchange of India Limited are recognised stock exchange. However United Stock Exchange of India Limited is notified by the CBDT with effect from 25th Februaly 2011, so it transaction entered after 25th February 2011 on United Stock Exchange loss then it will be businesss loss ans it can be set of against business income.

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