Carryforward, set off of losses in currency derivatives

Tax queries 694 views 1 replies

Sr Manager

25 Points Joined March 2012

Please clarify how losses under currency derivative trading could be set off against profit in commodities trading by an individual tax payer ?

Are these transactions distinct as 'bussiness income' (currency derivative trading) and 'speculative income' (commodities trading)

Thanks

B S Dugar

Replies (1)

In Practice

71 Points Joined July 2010

Both are of speculative nature. So loss from one speculative business can be setoff from profit from anothe speulative business.

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