Tax on commodities futures
This query is : Resolved
madhav tulsyan
(Querist)
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.
C A GROUP COACHING
(Expert)
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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