Profit from forex
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2014
i want to know that under which head will the profit from sale of dollars will be booked ?
it is not his profession\business
it is not his profession\business
Nikhil Kaushik
(Expert)
13 June 2014
if it is a one-off transaction, then it can be offered under "income from other sources"
otherwise it would be accounted as business income only
otherwise it would be accounted as business income only
Message likes :
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13 June 2014
if ur not an authorised dealer and if u dont have such business then it will be income from business income else income from other sources.
Nikhil Kaushik
(Expert)
13 June 2014
tushar, under income tax authorised or non-uathorised doesnt make a difference.
even illegal exchange of forex would be taxable under business income head if it is being carried out as an regular activity.
even illegal exchange of forex would be taxable under business income head if it is being carried out as an regular activity.
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