Othes sources income

This query is : Resolved

Radhika (Querist)
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06 February 2009 can other sources income be Negative

Exp.

Loss from Comodites- 550000
Interest - 95000
Net Income (455000)

am my Calculation Is correct or wrong . my senior want to show Comodies Loss as Other Sources

Please Tell soon...

Nilesh Damji Chheda

Nilesh Damji Chheda (Expert)
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06 February 2009 Hi Radhika

as information given by u, there is loss from commodities trading activity of rs. 550000/-. assuming that it is commodity deriavtive it will treated as speculative loss from speculation buisness. the loss under speculation business cannot be set off against the income from other sources but can be carried forward and set off in future against income from speculative buisness

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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07 February 2009 Income From other Sources can have a negative amount.

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