Income tax rate of profit commodity trading
This query is : Resolved
27 July 2014
plz advice me, i have received profit from commodity trading 5,50,000/- whats the tax amount on profit (STG : total profit within 1 year)
28 July 2014
are u trading as a business or as capital gains?
29 July 2014
i am individual person (not brokers)
29 July 2014
it will be capital gain only....................
29 July 2014
well commodity trading is similar to F&O. So if you are not doing delivery based trades, it will come under business income (though not speculative).
29 July 2014
however, there does exist an argument that such income can also be included in capital gains but that would require that the assessee exhibit that his intention was not to trade but to gain from capital appreciation.
Further, reflecting the same in business income is specially beneficial from claiming expenses against such income and for carry forward of losses where instead of profit, loss exist in any particular year.
Further, reflecting the same in business income is specially beneficial from claiming expenses against such income and for carry forward of losses where instead of profit, loss exist in any particular year.
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