Dear Collogues, Following is the Facts of the Case, for which I have to decide, vis a vis Income tax Laws for FY 2008-2009. Mr. A married to Ms. B on 1 st July, 2008. Ms. B is a School Teacher and having Salary Income of Rs 1.50 L Tuition Income Rs 1.00 L Interest Income Rs.0.50 L Mr. A is a Sub Broker for BSE Member Broker. Mr. A before marriage gave Rs 25.00 L to Ms. B (on 01.04.2008) She used the full amount for Derivative Trading at BSE and incurred Loss of Rs 25.00 L by 30.05.2008. In the above case how should i treat Rs 25.00 L Derivative Loss in the Computation of Total Income for FY 2008-2009: Also I have to decide about Rs 25..00 L received from Non Relative in the Computation. Is it correct to give the following treatment? Income From Salaries: Rs 1,50,000/- Income from Business / Profession Tuition Income 1,00,000/- Derivative Loss (Trading Loss) -25,00,000/- __________ Rs -24,00,000/- Income from Other Sources Interest Income 50,000/- Loan received from Non Relative 25,00,000/- Rs 25,50,000/- ______________________ Gross Total income Rs. 3,00,000/- ===================== Please let me know your view on the above subject matter w.r.to Derivative Loss and Adjustment a/g Loan received before marriage from fiancé. Thanks & Regards, Mahesh M. Shingala.
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Income Tax Query.doc
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