Commodity Loss Set Off
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 July 2010
My On Clinet Has Income From Salary And House Property And Commission Income.
And Also have Loss In Commodity.
Can said Commodity Loss Set Of Against Other Income as Mention above.
Plesa Reply with Section Ref.
thnaking You
And Also have Loss In Commodity.
Can said Commodity Loss Set Of Against Other Income as Mention above.
Plesa Reply with Section Ref.
thnaking You
05 July 2010
If commodities loss is from F & O is commodities then the said loss will be treated as speculative business u/s 43(5) which can be set off only against other speculative income.
Hece the loss cannot be set off against commission income as the same is non speculative income and also it cannot be set off against salary or house property income.
Hece the loss cannot be set off against commission income as the same is non speculative income and also it cannot be set off against salary or house property income.
05 July 2010
it can not be setoff because it is a speculative loss & can be setoff only against speculative incom
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