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..
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding appeal to GSTAT
- Multiple trade mark
- Value of property in capital gain
- Copyright software
- Transporter Declaration form
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
