I HAD PURCHASED $500 A MONTH BACK FOR25000, NOW I HAVE SOLD THIS AT 24600 . THEREFORE INCURRING A LOSS OF400 . THIS IS MY FIRST AND ONLY TRANSACTION OF THIS KIND. KINDLY LET ME KNOW ITS TAX IMPLICATION ? WHETHER IT IS SPECULATIVE BUSINESS GAIN OR NOT
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Foriegn exchange loss
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If you daily trade in forex exchange than its speculative business or professional income / loss
It is a capital loss to you as an articled clerk can not carry on any business or profession.
If you are daily trading in Foreign currency then it will come under the Capital Gain.But you are a student then their will be no issue.
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