Forward booking loss
This query is : Resolved
20 July 2013
last month we made forward booking dollar for $1,00,000, but due to dollar fluctuation we incurred loss of Rs 3,50,0000/-.
Such loss is allowable under Income tax laws...............?
Such loss is allowable under Income tax laws...............?
Rupesh Jain
(Expert)
20 July 2013
YOU NOT MENTION PURPOSE OF FOR FORWARD BOOKING OF US $
IF FOR BUSINESS THEN YOU HAVE TO CLAIM LOSS AS BUSINESS LOSS
OTHERWISE YOU CAN CLIME IN SPECULATION BUSINESS LOSS
IF FOR BUSINESS THEN YOU HAVE TO CLAIM LOSS AS BUSINESS LOSS
OTHERWISE YOU CAN CLIME IN SPECULATION BUSINESS LOSS
20 July 2013
Sir basically we are in trading business & we have various export parties. Because of this reason we made forward booking contract.
Is that Speculation loss?
Is that Speculation loss?
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