Foreign Exchange

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Sumit Kumar (Querist)
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10 June 2011 Dear Sir,

I am a resident individual and during the year i purchased $10000 @Rs.48.00 for world tour.
On return i sold balance $2500 to authorised agent @45.50.

i.e. i inncur a loss of Rs.6250(2.5*$2500)

my question:---
1)should i claim this loss in my file
2)if yes then in which head
3)setoff and carried forward procedure

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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10 June 2011 IT APPERS THAT U HAVE UNDERTAKEN A PERSONAL TOUR AND NOT BUSINESS TOUR
U CANNOT TAKE ANY DEDUCTION UNDER THE ACT FOR THIS LOSS

CA MANOJ GUPTA
JODHPUR
09828510543