incomtax

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sumit kansal (Querist)
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16 July 2010 sir thanks for ur reply

i have a business of coaching classess having net income of rs 180000

i also have following incomes:-

(1) intra day income rs 2000

(2) purchased share on first day and sold on next day delivery ( net loss 15000)

(3)loss from ncdex market( commodity) market (net loss rs 35000)

(4) loss from future and option (net loss rs 15000)

can u tell me the tax liability ?
also i heared that mcx income treated as non speculation business income ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 July 2010 Duplication
https://www.caclubindia.com/experts/share-trading-433825.asp

Triplication
https://www.caclubindia.com/experts/incometax-433860.asp

Fourth time
https://www.caclubindia.com/experts/incomtax-433870.asp

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 July 2010 MCX income treated as non speculation business income if traded in currency futures not commodities.

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sumit kansal

sumit kansal (Querist)
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16 July 2010 aditya maheshwari sir u r ginius, thanks

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 July 2010 Thanks for ur gesture

CA Shiv

CA Shiv (Expert)
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16 July 2010 Agree to Sumit Kansal......

Aditya Maheshwari

Aditya Maheshwari (Expert)
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16 July 2010 Stop pulling my leg Shivang.

CA Shiv

CA Shiv (Expert)
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16 July 2010 Aditya sir.. I am not... I am serious....

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sumit kansal

sumit kansal (Querist)
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17 July 2010 mr aditya income from futue and option is treated as speculation business income as per sec 43(5) of income tax provided future contracts are made for hedging the position in non sepculation business of manufacturing and merchentdising goods

hence if futur contract ismade for hedging and assesse have business of that related transaction thenit is treated as non sepculation business

Aditya Maheshwari

Aditya Maheshwari (Expert)
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17 July 2010 W. e. f. 25.01.2006 F & O in shares is not treated as speculation business with amendments in Section 43(5). So hedging is not a condition now to judge whether the same is speculative or not.

sumit kansal

sumit kansal (Querist)
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17 July 2010 chakkde patte u r really ginious

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