Commodities trading on
This query is : Resolved
Hiteshkotharica
(Querist)
26 July 2012
GOLD & SILVER COMMODITIES TRADING ON MCX IS A SPECULATIVE BUSINESS TRANSACTION ?
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.
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
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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