Exchange Profit
This query is : Resolved
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?????????
CA Amarpal
(Expert)
20 January 2009
IF the forward contract was entered into for hedging purpose, then it is business income, otherwise speculation income.
IF the forward contract was entered into for hedging purpose, then it is business income, otherwise speculation income.
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