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MCX Commodity Trading.

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(Querist)
05 December 2009 i am doing trading in mcx gold,silver,nickel,copper and having some loss what will be the treatment of such loss for i.tax. and when i will eligable for tax audit and how i should get calculate turnover sale amount or diff b/w sale or purchase .

if any case i got profit after year end what will the treatment such as busniess income or any other .

Please help.
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Lalit

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Lalit (Expert)
17 December 2009 If you are doing only trading on MCX without taking delivery and have some losses, it would be your speculative losses and can not be adjusted against your any income other than speculative income.

For the purpose of tax audit, your turnover would include difference between your sales and purchases only whether positive or negative. That means if you are gaining Rs. 100/- from one trade and losing Rs. 50/- from another than your turnover would be Rs. 150/- for the purpose of tax audit.

And if you got profit than it would be you speculative profit chargeable to income tax under the head "Income from Business"
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