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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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

Nikhil Kaushik (Expert)
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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.

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