Akhil (Sr. Engineer) 17 May 2013
I am a salaried individual.
I had made profit in gold futures also.
Almost everyday there were either contracts bought or sold and for every transaction Service Tax, Service Charge and Turnover Charges were paid.
Whether this gain can be treated as Capital gain and set off against my carried forwarded losses(from shares).
If not how should this income be treated.
Vallabh Parmar (Advocate) 26 August 2013
Transactions on Gold Futures are treated as business transactions hence any profit on same will be treated as business profits and shall be taxed under head Business Income .
Such profit can not be set off against loss on account of sale of shares as such transactions in past are treated as investments and profit on sale of such shares are treated as capital gain/loss.
Akhil (Sr. Engineer) 28 December 2013
Does the same rule applies to gains from stock futures and options
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