Section 118 - Value of taxable commodities transaction - Finance Act, 2013

1 [ Value of taxable commodities transaction 118. The value of taxable commodities transaction referred to in section 117,- (a) in the case of a taxable commodities transaction relating to a 2 [ commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives ] , shall be the price at which the 2 [ commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives ] is traded; (b) in the case of a taxable commodities transaction relating to an option on commodity derivative 3 [ or option in goods ] , shall be- (i) the option premium, in respect of transaction at 4 [ serial numbers 3 and 4 ] of the Table in section 117; (ii) the settlement price, in respect of transaction at 5 [ serial numbers 5 and 6 ] of the Table in section 117.] 6 [ (iii) the difference between the settlement price and the strike price, in respect of transaction at serial number 7 of the Table in section 117. ] *************** NOTES:- 1. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2018, before it was read as, Value of taxable commodities transaction 118. The value of taxable commodities transaction referred to in section 107 shall, with reference to such transaction, be the price at which the commodity derivative is traded. 2. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as commodity derivative 3. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 4. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as serial number 2 5. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as serial number 3 6. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020