set of loss

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Querist : Anonymous

Querist : Anonymous (Querist)

29 January 2011 can loss of commodities will be set off against profit of depreciable assets in the same year

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2011 Loss of commodities, if it is not a speculative loss, or it is a loss incurred in MCX, can be set off against STCG
in the same year.

Juzer Sadikot

Juzer Sadikot (Expert)
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30 January 2011 Respected Paras Bafna Sir

Would like to have your expert opinion on whether:
1) Loss incurred in MCX (without actual delivery) would be Speculative loss?
2) If not, under what circumstances?

Thanks and regards
Juzer

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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30 January 2011 MCX is now a Recognised Stock Exchange.
*
By the virtue of S.43(5) eligible transactions of trading in derivatives in recognised stock exchanges are not treated as speculative business transactions.
*
Hence loss incurred in MCX is not a speculative loss.
*
You can say it is at par with loss incurred in F&O.

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