Set off of comodity f&o loss against regular business profit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2013
i have business profit from textile business. similarly i am also doing future & option in comodity of silver in mcx. In future option transaction i have made loss. I have made more then 200 transaction during the year in comodity future & option.
1. Can i get benifit of setoff of loss of comodity future & option against regular business profit under head business and profession?
2. my transaction in mcx, which is recognised stock exchange , can it be consider my business? or speculation transction?
1. Can i get benifit of setoff of loss of comodity future & option against regular business profit under head business and profession?
2. my transaction in mcx, which is recognised stock exchange , can it be consider my business? or speculation transction?
05 October 2013
Since it is non delivery basis it is to be treated as speculation loss and it can only be adjusted against speculation profits. In case of companies explanation to section 73 is to treat this as speculation
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