Forward booking loss

This query is : Resolved

Ankita (Querist)
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20 July 2013 last month we made forward booking dollar for $1,00,000, but due to dollar fluctuation we incurred loss of Rs 3,50,0000/-.

Such loss is allowable under Income tax laws...............?

Rupesh Jain

Rupesh Jain (Expert)
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20 July 2013 YOU NOT MENTION PURPOSE OF FOR FORWARD BOOKING OF US $
IF FOR BUSINESS THEN YOU HAVE TO CLAIM LOSS AS BUSINESS LOSS

OTHERWISE YOU CAN CLIME IN SPECULATION BUSINESS LOSS

Ankita

Ankita (Querist)
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20 July 2013 Sir basically we are in trading business & we have various export parties. Because of this reason we made forward booking contract.

Is that Speculation loss?

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