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| This query is : Resolved
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Author : Anonymous
( Author )
07 May 2012
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Dear,
I incurred a loss in Commodities trading in MCx exchange in financial Yera 2011-12. How to treat it in tax return. Can i carry forward the same to next year.
Rajesh Sharma
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Amol Gopal Kabra (CA,CS,DISA)
( Expert )
07 May 2012
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You can carry forward the loss for Four subsequent Assessment Years.
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Author : Anonymous
( Author )
08 May 2012
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Thanx a lot Mr.Amol Gopal Kabra.
Is it business loss or some other like speculative business. During the FY 11-12 I have business income Rs. 3,45,700/-, Other sources income Rs.26,322/- and commodities loss of Rs.12,26,991/-. Can i sett off with other income or all loss to be carry forward.
Regards: Rajesh Sharma
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Amol Gopal Kabra (CA,CS,DISA)
( Expert )
08 May 2012
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It is a speculation loss. It can not be setoff against any other income other than the same trading profit.
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