Commodity profit
This query is : Resolved
12 August 2011
1) Whether loss in Shares/Commodity Future Trading is treated as Speculative Business Loss???
2) A Pvt.Ltd.Company has earned shares profit u/s 50 of the I.T.ACT. and also it has incurred Shares/Commodity Future Trading Loss. Can profit u/s 50 be set off against Losses of future Trading in Shares/Commodities???
2) A Pvt.Ltd.Company has earned shares profit u/s 50 of the I.T.ACT. and also it has incurred Shares/Commodity Future Trading Loss. Can profit u/s 50 be set off against Losses of future Trading in Shares/Commodities???
12 August 2011
1.Commodity Trading, Future Trading or Trading in shares which are settled without delivery are speculative transactions. Hence loss in these transactions are Speculative loss.
2. Profit earned u/s 50 is assessable as short term capital gain. Commodity loss being speculative loss cannot be set off against capital gains.
2. Profit earned u/s 50 is assessable as short term capital gain. Commodity loss being speculative loss cannot be set off against capital gains.
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