Menu
Gain on commodity exchange transactions
Whether gain derived on Commodity exchange transactions on which CTT is paid is considered as Capital gain or Business Income? Whether it will be speculative income or non-speculative income ?
If it is considered as capital gain then will it be treated same as capital gain u/s 111a and do we have to report total sell value less purchase value or only profit portion of it under ITR ?
Replies (2)
The gain on commodity transaction carried out through relevant exchange is treated as business income...So, all the tax treatement for the business income will applicable in this case.
Is it considered as Non-speculative business if CTT paid on it ? If it is treated as normal business then do we report only profit derived from it as turnover and claim expenses related to it against it ? Whether rules followed in case of Future and options trading applies here ?
Recent Topics :
- Clarifications for intra day transactions
- CA FINAL FR FINANCIAL INSTRUMENTS (Ind AS 109) Dou
- 70:30 GST rule for solar EPC: partial scope (struc
- TDS on Redevelopers hardship allowance received no
- Who will take FSSAI AND TRADE LICENSE: owner or te
- E Way Bill in respect of Without Bringing Material
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
Related Topics :
CAclubindia
