incomtax
This query is : Resolved
sumit kansal
(Querist)
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 ?
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
(Expert)
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
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
(Expert)
16 July 2010
MCX income treated as non speculation business income if traded in currency futures not commodities.
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sumit kansal
(Querist)
16 July 2010
aditya maheshwari sir u r ginius, thanks
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Aditya Maheshwari
(Expert)
16 July 2010
Thanks for ur gesture
Aditya Maheshwari
(Expert)
16 July 2010
Stop pulling my leg Shivang.
16 July 2010
Aditya sir.. I am not... I am serious....
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sumit kansal
(Querist)
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
hence if futur contract ismade for hedging and assesse have business of that related transaction thenit is treated as non sepculation business
Aditya Maheshwari
(Expert)
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
(Querist)
17 July 2010
chakkde patte u r really ginious
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