The Income-tax Act, 1961
Bare Act
(1) Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains, if any, of another speculation business.
(2) Where for any assessment year any loss computed in respect of a speculation business has not been w… Read the complete text with KanoonGPT Pro.
Explanation using examples
Imagine a trader, Mr. A, who engages in speculative trading in the stock market. In the financial year 2022-2023, Mr. A incurs a loss of INR 100,000 from his speculative trading activities, which is considered a speculation business under the Income-tax… Read the complete text with KanoonGPT Pro.
