Income on mcx

This query is : Resolved

Dharmendra Jain (Querist)
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06 January 2015 my friend earned incomeRs.10,00,000/- on MCX in year 2011-12 and incurred loss on MCX in next year 2012-13 for Rs. 12,00,000/- Is the income will be taxable in the year 2011-12. or it may be compensate in 2012-13

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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07 January 2015 The Income will taxable in Assessment year 2012-13 (FY 2011-12)
And losses of Assessment Year 2013-14 (FY 2012-13) will be carried forward, if eligible.

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