Incorporation of partnership firm for speculative business
This query is : Resolved
02 May 2015
Hi,
Please guide me as to whether the partnership firm can be incorporated for speculative business only( shares intra day trading )? If yes, what will be the accounting procedures? Under what head the income will cover; PGBP or Income from speculative business?
Please guide me as to whether the partnership firm can be incorporated for speculative business only( shares intra day trading )? If yes, what will be the accounting procedures? Under what head the income will cover; PGBP or Income from speculative business?
02 May 2015
Yes partnership firm can be formed for doing speculative business. It will be income under PGBP. Only the loss from speculative business can adjusted against such speculative gain and can be carried forwarded and adjust against speculative gain only.
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