REGARDING TAXABILITY OF GAIN FROM COMMODITY TRADES

This query is : Resolved

Suresh S. Tejwani (Querist)
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18 July 2022 Whether Gain/loss from commodity trades charge under PGBP or Capital Gains ?
If charge under PGBP then it will be consider as speculative or non - speculative ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 July 2022 1. PGBP
2. Non-speculative.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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18 July 2022 Okk then , can we file return by opting 44AD declaring profit at 8% .
Turnover will be business turnover plus gain/loss from commodity trades.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 July 2022 1. Yes, minimum 6% over commodity turnover.
2. For commodity turnover aggregate of absolute values of gains & losses are calculated.
3. If any second business? whether eligible for sec. 44AD? Combine turnover should not exceed Rs. 2 Crs.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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18 July 2022 Can we charge commodity trade under the head capital gains ?

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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18 July 2022 Can we charge commodity trade gain/loss under the head capital gains ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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18 July 2022 No. its trading not delivery based investment.

Suresh S. Tejwani

Suresh S. Tejwani (Querist)
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18 July 2022 Gain from Commodity trades is 15000
Loss from Commodity trades is 10000

then aggregate turnover will be 5000 or 25000 ?