Mcx trading loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 May 2012 Dear,
I incurred a loss in Commodities trading in MCx exchange in financial Yera 2011-12. How to treat it in tax return. Can i carry forward the same to next year.
Rajesh Sharma

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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07 May 2012 You can carry forward the loss for Four subsequent Assessment Years.

Querist : Anonymous

Querist : Anonymous (Querist)

08 May 2012 Thanx a lot Mr.Amol Gopal Kabra.
Is it business loss or some other like speculative business. During the FY 11-12 I have business income Rs. 3,45,700/-, Other sources income Rs.26,322/- and commodities loss of Rs.12,26,991/-. Can i sett off with other income or all loss to be carry forward.
Regards: Rajesh Sharma

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Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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08 May 2012 It is a speculation loss. It can not be setoff against any other income other than the same trading profit.