Speculation loss
This query is : Resolved
23 February 2012
Dear Sir,
Can, Profit & Gain of Business or Profession of a partnership firm, be adjusted against Speculation Loss ?
This Partnership Firm is into Mfr & Seller of Gold Studded Ornaments & also doing speculation of Gold & Silver in MCX.
In this case, can speculation loss of MCX be adjusted against profit of main business ( of mfr & sell of ornaments ? ) ?
thanks in advance
anckoora
Can, Profit & Gain of Business or Profession of a partnership firm, be adjusted against Speculation Loss ?
This Partnership Firm is into Mfr & Seller of Gold Studded Ornaments & also doing speculation of Gold & Silver in MCX.
In this case, can speculation loss of MCX be adjusted against profit of main business ( of mfr & sell of ornaments ? ) ?
thanks in advance
anckoora
23 February 2012
No speculation loss can be setoff only against speculation profits.
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23 February 2012
Speculation loss can only be set off from speculation profits.
Speculation loss cannot be set off against normal business income.
Speculation loss cannot be set off against normal business income.
Message likes :
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