Commodity trading

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Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 sir, i had dealed in GOLD AND SILVER in MCX and i have a profit above Rs. 10 lakh thorough MCX commodity trading (MCX ONLINE) NOW, i want to know what is the tax treatment of this transaction whether it is a business income or any other income? and we are partners in partnership firm by which we are doing this trading i.e. in the name of partnership firm

Amol S Joglekar

Amol S Joglekar (Expert)
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04 September 2012 It shall be treated as business income.

Querist : Anonymous

Querist : Anonymous (Querist)

04 September 2012 what is the tax treatment of purchase and sale of commodity of MCX Trading (in online form)whether it is eligible for tax audit or not please give me full detail i.e. tax treatment of the same in short........

Amol S Joglekar

Amol S Joglekar (Expert)
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05 September 2012 The net income is taxable. For tax audit purpose, the group is divided in 2 opinions. Whether to take ABSOLUTE value for turnover purpose is the question.

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