Taxability of Commodity profit
This query is : Resolved
04 March 2008
Under which head the profit from commodity transaction will be taxable.Whether it will be taxable under capital gain or as a business income.
05 March 2008
profits from commodity transaction is taxable under the head "Capital Gains" and not under "Business Income". Only F & O of equity segment is taxable under "Business Income" head
05 March 2008
UNDER THE HEAD BUSINESS INCOME
05 March 2008
Commodity Dealing are mainly without taking delivery. So as per act when there is transaction for purchase and sale or sale and purchase which is entered without taking delivery it is speculation gain/loss. So, that way you have to show it as speculation gai/loss. If you are taking delivery than selling. in that way it will be normal business, so apply as per business income.
05 March 2008
To CA Shaileshjee
Under the head capital gain the defination of capital asset no where define the commodity as an capital asset.In that regard can the profit from commodity transaction be considered as capital gain.
Under the head capital gain the defination of capital asset no where define the commodity as an capital asset.In that regard can the profit from commodity transaction be considered as capital gain.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- TDS Claim year
- Rent lease agreement
- TDS Challan Code
- Relief u/s Section 89
- Supply through E-commerce Operators
- REGARDING SECTION 44AE
- E way bill for tractors
- SGST balance is there in credit ledger how to adjust for cgst
- Taxation on LTCG for property sold after 24JUL2024
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
