Tax on commodities futures
This query is : Resolved
03 February 2009
I deal in commodities futures (Without delivery). i wanted to know that if buy a contract say for Rs.100 expiring in may 09.
and by 31st march 08 its price has reached to Rs.130. Do i have to pay any tax on said profit of Rs.30. for the year 08-09. even when i have not sold the contract untill then. kindly advise me on this issue.
and by 31st march 08 its price has reached to Rs.130. Do i have to pay any tax on said profit of Rs.30. for the year 08-09. even when i have not sold the contract untill then. kindly advise me on this issue.
03 February 2009
NO. YOUR TAX LIABILITY WILL ARISE WHEN YOU SELL THE CONTRACT. IF PROFIT TAX IF LOSS ADJUST AGAINST OTHER PROFIT
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