Commodity profit

This query is : Resolved

Anand Modi (Querist)
Follow

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.

Gopal S Agrawal

Gopal S Agrawal (Expert)
Follow

05 July 2012 Gains from commodity transactions entered into commodity exchanges will come under Business or Profession under speculative gain only..

Anand Modi

Anand Modi (Querist)
Follow

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

Gopal S Agrawal

Gopal S Agrawal (Expert)
Follow

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 need to be the querist or approved CAclub expert to take part in this query .
Click here to login now