Taxation on commodity income
This query is : Resolved
31 March 2014
IS COMMODITY INCOME A SPECULATIVE OR BUSINESS OR CAPITAL GAIN????????
PLEASE EXPLAIN IT AND ALSO ITS TREATMENT
PLEASE EXPLAIN IT AND ALSO ITS TREATMENT
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..
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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