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Commodities trading on

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(Querist)
26 July 2012 GOLD & SILVER COMMODITIES TRADING ON MCX IS A SPECULATIVE BUSINESS TRANSACTION ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
26 July 2012 Yes if done without taking DELIVERY. If delivery is taken, then it will not be speculative. (In most of the commodity transactions, delivery option is not exercised by the buyer and hence they are speculative in nature as per income tax.
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Hiteshkotharica

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Hiteshkotharica (Querist)
27 July 2012 i have a query

we are trading in derivatives on commodities(gold and silver) on MCX (multi commodity exchange of india lTd ) and it is not an hedging transaction and have profits from the same
i have 2 queries

1) is this income speculative or business income

2) can this income be set off against capital gains from equity shares or equity derivatives

is my assumption that commodities trading has now been removed from speculative ambit right if the transactions are carried out on MCX

pls reply and oblige
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