A person having only interest income does a single commodity transaction during the year.
under which head his income should come?
1. Business Income
2. Income from Other Sources
3. Speculation Business
CA Ashwani Agarwal (Practice) (3049 Points)
25 May 2012A person having only interest income does a single commodity transaction during the year.
under which head his income should come?
1. Business Income
2. Income from Other Sources
3. Speculation Business
Honey
(student)
(134 Points)
Replied 25 May 2012
It depends on time period between purchase and sale. If within same day then speculation, if more than 1 day then business income
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 25 May 2012
Even if it is just a single transaction??? Still we have to show it in speculation?
Jitendra Agrawal
(article assistant/student)
(21 Points)
Replied 25 May 2012
if loss arise on this type of transaction then what will happend?
neeraj
(CA)
(930 Points)
Replied 25 May 2012
I think Speculation loss if sold on same day otherwise business loss
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