profit from trading in commodities Futures(non delivery)
This query is : Resolved
CA SHRIRAM ATAL
(Querist)
21 June 2010
Dear all
I want to know that Profit from dealing in Commodities Futures (Non Delivery based)should be treated as Speculative Business Income or Non Speculative Income.....If any Circular / Notification available in this regard, then plz give me that referance. also clause (d) to proviso to section 43(5) exclude derivative profit from Speculation Business.... So plz reply me what should be treatment for Commodities gain.
I want to know that Profit from dealing in Commodities Futures (Non Delivery based)should be treated as Speculative Business Income or Non Speculative Income.....If any Circular / Notification available in this regard, then plz give me that referance. also clause (d) to proviso to section 43(5) exclude derivative profit from Speculation Business.... So plz reply me what should be treatment for Commodities gain.
Aditya Maheshwari
(Expert)
21 June 2010
Section 43(5)(d) is applicable only on derivates of shares and index and not commodities. SO commodites derivatives trading is speculative business.
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