Mcx trading loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2012
Dear,
I incurred a loss in Commodities trading in MCx exchange in financial Yera 2011-12. How to treat it in tax return. Can i carry forward the same to next year.
Rajesh Sharma
I incurred a loss in Commodities trading in MCx exchange in financial Yera 2011-12. How to treat it in tax return. Can i carry forward the same to next year.
Rajesh Sharma
07 May 2012
You can carry forward the loss for Four subsequent Assessment Years.
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 May 2012
Thanx a lot Mr.Amol Gopal Kabra.
Is it business loss or some other like speculative business. During the FY 11-12 I have business income Rs. 3,45,700/-, Other sources income Rs.26,322/- and commodities loss of Rs.12,26,991/-. Can i sett off with other income or all loss to be carry forward.
Regards: Rajesh Sharma
Is it business loss or some other like speculative business. During the FY 11-12 I have business income Rs. 3,45,700/-, Other sources income Rs.26,322/- and commodities loss of Rs.12,26,991/-. Can i sett off with other income or all loss to be carry forward.
Regards: Rajesh Sharma
08 May 2012
It is a speculation loss. It can not be setoff against any other income other than the same trading profit.
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