Pls explain the tax treatment of profits and gains on derivative equity transactions? Is it speculative income ?

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Someone Asked on Yahoo Answer-Replied by me on 13/10/2006With Affect from FY 2005-06,the trading in derivative segment through stock exchange has been taken out of the definition of the Speculative transaction .So its pure business income now from Asst Yr 2006-07.The Speculative transaction is defined in Sub Section 5 of Section 43 relevant portion of…

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