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| This query is : Open
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Author : Anonymous
( Author )
24 May 2012
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A person having a normal business just does one transaction of Commodity(non delivery) in a year.
What head should this income come in?
1. business income
2. Speculation business
3. Other Sources
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Siddhartha Bhardwaj
( Expert )
24 May 2012
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Speculation business.
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Author : Anonymous
( Author )
25 May 2012
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Even if it is a single transaction? Do we still have to show it in speculation business?
And then which ITR has to be filed?
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Siddhartha Bhardwaj
( Expert )
25 May 2012
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Normally practice adopted by the assessee is seen to decide whether the income is business income or capital gain.
In this case, if the assessee has entered into only one transaction throughout the year, then he can show the same as capital gain.
ITR 4 will be filed because he has normal business income also.
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Author : Anonymous
( Author )
25 May 2012
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But it cannot be capital gains as he has sold it first and then purchased it??
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