Query relating to capital asset
This query is : Resolved
10 May 2013
Respected Members,
Is Transfer of Gold Contracts in MCX Subject to Capital Gain? Is Gold Contract in Commodity Market is Capital Asset ?
Please Reply..
Is Transfer of Gold Contracts in MCX Subject to Capital Gain? Is Gold Contract in Commodity Market is Capital Asset ?
Please Reply..
Shivang Chokshi
(Expert)
11 May 2013
normally such contracts are part of trading done by you thru commodity exchange..
thus if you have multiple transactions you can consider it to be part of business transactions.
if it is thru recognized exchange and a legal contract note, the same is a valid business and will not be speculative
thus if you have multiple transactions you can consider it to be part of business transactions.
if it is thru recognized exchange and a legal contract note, the same is a valid business and will not be speculative
Message likes :
1 times
25 June 2013
Generally in this trade there is no physical deliver only the papers are transferred and the holding period is also very short. If holding period is less then 1 month then it is business income and if it is above 1 to 2 months than short term capital gain but the same is to be treated as business income. If holding period is above 3 years then yes it is capital gains
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