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Forward booking loss

This query is : Resolved 
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(Querist)
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...............?
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Rupesh Jain

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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
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Ankita

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Ankita (Querist)
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?
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