Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 October 2013
Whether transaction of gold commodity done on frequent basis through recognized stock exchange which is mcx, through its stamp and seal and transaction bill, can we consider this transaction as business transaction as per Section 43(5)? please guide me
Dintakurthi Tirumala
(Expert)
04 October 2013
Yes, you can considered it as business transaction, but if the case is futures and options commodities investment then only Gross gain + Gross loss shall be the turnover.
For example you purchased 1 gram gold and sold it later by this transaction you get Rs.500 gain
and another you purchased 1 gram gold and sold it later by this transaction you get Rs.200 loss.
Then your total turnover is 500+200 for the purpose of income tax however net gain is Rs.300(500-200).
OM SAI SRI SAI JAI JAI SAI
For example you purchased 1 gram gold and sold it later by this transaction you get Rs.500 gain
and another you purchased 1 gram gold and sold it later by this transaction you get Rs.200 loss.
Then your total turnover is 500+200 for the purpose of income tax however net gain is Rs.300(500-200).
OM SAI SRI SAI JAI JAI SAI
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