Mr. B (is a retired Govt. Employee) purchased a Land From Mr. A for Rs. 10 lakh by account payee cheque and Mr. B within a year Sold the same Land (before registering the land in the name of Mr. B)To Mr. C for Rs. 13 lakh. Mr. C paid the Sum of Rs. 13 lakh to Mr. A. And Mr. A paid the sum of Rs. 13 Lakh to Mr. B. In which head the said transaction can be classified for Mr. B and where the profit of Rs. 3 Lakh can be shown?
Said Mr. B also has the total trading transitions in listed securities (STT paid & 90% transactions are non-delivery based) of Sale rs. 20000000 and Buy of Rs. 20091000 (Resulting in Loss of Rs. 91000. In which head the said transaction can be classified for Mr. B
Whether such loss of Rs. 91000 can be set off against the above profit of Rs. 300000?
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