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Q. > Please Help: Profit from Currency Derivatives
Whether profit or gain from currency derivatives in recognized stock exchange is treated as speculative or it is an ordinary profit or gain?
1 Answers
answered May 15, 2013 by Vikky Kumar Jha , Darbhanga
Profits or losses made on trading in the derivatives segment of forex, equity and commodities would be considered as non-speculation business in view of the provisions of Section 43(5) of the Income Tax Act, 1961.
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UTSAV MEHTA
17-May-2013 , 03:30:56 pmBut as per section of 43(5) of Income tax the stock and share are considered as non speculative business but what about currency 43(5)(d) an eligible transaction in respect of trading in derivatives referred to in clause 35[(ac)] of section 236 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange;] shall not be deemed to be a speculative transaction. 37[Explanation.—For the purposes of this clause, the expressions— (i) "eligible transaction" means any transaction,— (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992) or the Depositories Act, 1996 (22 of 1996) and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised stock exchange; and (B) which is supported by a time stamped contract note issued by such stock broker or sub-broker or such other intermediary to every client indicating in the contract note the unique client identity number allotted under any Act referred to in sub-clause (A) and permanent account number allotted under this Act; (ii) "recognised stock exchange" means a recognised stock exchange as referred to in clause (f) of section 238 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions as may be prescribed and notified39 by the Central Government for this purpose;]