Commodity profit
This query is : Resolved
Anand Modi
(Querist)
04 July 2012
Whether Gain on Commodity Transaction can be classified into Income From Other Sources or it must be compulsarily shown under B&P.
There are only 3 or 4 bills of Commodity Transaction.
There are only 3 or 4 bills of Commodity Transaction.
Gopal S Agrawal
(Expert)
05 July 2012
Gains from commodity transactions entered into commodity exchanges will come under Business or Profession under speculative gain only..
Anand Modi
(Querist)
05 July 2012
Thanks for the reply sir,
Dear Sir in section 43(5) it is mentioned that transaction in respect of trading in derivatives is excluded from Speculative transaction if carried through recognozed stock exchange.
Please give me proper knowledge regarding this because i am confused regarding the understanding of commodity transactions. then how come will it come under Speculation
Thanks and Regards
Dear Sir in section 43(5) it is mentioned that transaction in respect of trading in derivatives is excluded from Speculative transaction if carried through recognozed stock exchange.
Please give me proper knowledge regarding this because i am confused regarding the understanding of commodity transactions. then how come will it come under Speculation
Thanks and Regards
Gopal S Agrawal
(Expert)
05 July 2012
I think that is with respective trading in stock futures and not commodity futures.
You can please recheck it and confirm.
You can please recheck it and confirm.
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