Commodity profit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2011 i am trading in Commodity through the member of National Multi Commodity Exchange. Total Turnover of the Business is Rs. 58,01,193 & total purchase is Rs. 54,14,191. Total Net Profit is Rs. 3,87,002.

Whether to treat this transaction as Speculation Income or Business Income.

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 April 2011 THIS WILL BE TREATED AS SPECULATIVE INCOME

CA MANOJ GUPTA
JODHPUR
09828510543

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2011 my CA SAYS THIS IS A BUSINESS INCOME IF THIS IS A SPECULATION PROFIT KINDLY SEND ME ANY NOTIFICATIONS OR RULING.

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CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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30 April 2011 this borns out of section 43(5) only income from F&O transactions in shares is treated as business income

CA MANOJ GUPTA
JODHPUR
09828510543