F&O trading expenses which can be claimed as business expense F&O trading expenses which can be claimed as business expense

Hi, My wife is doing f&o trading and would like to know which all expenses can be claimed as business expense while filing income tax return,

1. She is getting a loan from her friends and family for trading purpose and will pay 7% as interest to them. Can we claim the interest paid to them as business expense ? if so what is the proof/procedure to be maintained for accounts ?
2. If I (husband) giving her some amount as loan for trading and if she pay interest to me, will that come under clubbing of income?
3. She is buying some higher end laptops, monitors and smartphones for trading purpose. Can we claim those as business expense or depreciation ?
4. She is paying Internet bills, mobile recharge, electricity bills. Can we claim full amount of those bills as business expense or is there any limitation?

Kishan Dutt Kalaskar Retired Judge

Responded 4 months ago

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A.Dear Sir,
Above questions may kindly be asked to any chartered accountant or auditors who are experts in the financial matters.

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