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Exchange Profit

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(Querist)
20 January 2009 Mr.A an Exporter, booked forward contract for 100$ @ Rs.41 on 12.10.08 and cancel that 100$ @ Rs.40. In this case Re.1 is gain for 100$. Whether gain is business income or speculation income?????????
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Jitender

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Jitender (Expert)
20 January 2009 it is business income.
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CA Amarpal

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CA Amarpal (Expert)
20 January 2009
IF the forward contract was entered into for hedging purpose, then it is business income, otherwise speculation income.
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