Hello,
I am a salaried employee. I have made losses in MCX commodity market as well as in NSE currency derivative. Please advice me on shall I fill ITR 2 or other ITR for loss carry forward.
My Observations:
As per Section 43: Any transaction is NOT speculative trasaction if it carried out through recognised stock exchange (as per notified circulars: ref 39- 39. See rules 6DDA and 6DDB and Form No. 3BB. Recognised Stock Exchanges are : NSE/Bombay Stock Exchange - SO 89(E), dated 25-1-2006/MCX Stock Exchange - SO 1327(E), dated 22-5-2009/United Stock Exchange of India Limited - Notification No. 12/2011 [F.No. 142/20/2010-SO (TPL)], dated 25-2-2011.)
As currency derivative is through NSE, this will not be a speculative transaction. Then shall this be capital gain / capital loss?
As commdity market is through MCX not MCX-SE, this will be a speculative transaction.
Is my understanding correct?
Please do adviceme now that which ITR shall I file with explanation.
Thanks in advance,
Ashish
CAclubindia
