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Commodities related transaction...

14 November 2021

dear colleagues
gud mrng
ek client hai jo commodities(gold,silver,crude oil)me trade krte hai... unka total loss (intraday + short term) fy 20-21 me 52500/- hai... ab iss loss ko kha show kru...or iska turnover kaise calculate kru?

regards

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 14 November 2021

INTRADAY IN SPECULATIVE BUSINESS. TURNOVER BEING TOTAL OF ALL THE NEGATIVE OR POSITIVE DIFFERENCE

SHORT TERM UNDER CAPITAL GAIN.

saurabh sawlani (2157 Points)
Replied 14 November 2021

Thank you so much sir... sir short term loss 175837/- hai toh ye short term loss me show hoga correct sir...
or intraday me profit 130087/- hai or loss 7070/- hai total total loss 123017/- toh sir turnover kya hoga... or ise show kha krna hai...or speculative business ka profit STCL se set off ho skta hai kya
thoda clear kro sir iss situation ko
regards,

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 14 November 2021

1. Correct short term loss to be declared under head CG.

2. Turnover in the case of Intraday Trading is Absolute Turnover. Absolute Turnover is the Sum total of absolute profits minus losses made on daily transactions. Refer: https://zerodha.com/varsity/chapter/taxation-for-traders/

3. You can declare it under Sec. 44AD, or under regular scheme in PGBP head.

4. No. the sett off is not possible, you need to carry forward STCL.

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saurabh sawlani (2157 Points)
Replied 14 November 2021

Thank you so much sir thanks alot... toh speculative business ka turnover or profit same hi declare hoga?? mtlb 123017/- hi turnover hua or profit bhi vhi??
yha confusion hai ki turnover kaise calculate kru

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 14 November 2021

urnover of Equity Intraday Trading = Absolute Profit

Absolute Turnover means the sum of positive and negative differences.

Example: Rahul buys 100 shares of PNB at INR 85. He sells the shares at the end of the day at INR 88. On the next day, he buys 200 shares of Tata Steel at INR 500. At the end of the day, he sells the shares at INR 450.