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Taxation on commodity income

This query is : Resolved 
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(Querist)
31 March 2014 IS COMMODITY INCOME A SPECULATIVE OR BUSINESS OR CAPITAL GAIN????????
PLEASE EXPLAIN IT AND ALSO ITS TREATMENT
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
31 March 2014 any speculative business is covered as business income only. even if the transaction is covered within 43(5), the nature of income remains business income.

for it to be considered as capital gains, first you need to ensure that it falls within the definition of capital asset, which commodities generally dont..
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