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Discussion > Income Tax > Tax queries >

IT Returns : Proofs for Short Term Capital Loss in Share Market

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Engineer

[ Scorecard : 38]
Posted On 15 January 2012 at 23:06 Report Abuse

Hi,

I have incurred Short Term Capital loss of more than 10k in Share Market. I have came to know that ,we can declare capital loss in IT returns, So can you please suggest, in ITR  where i have to declare capital loss and what documents need to produce as proof.

Thanks in Advance..! 

-pavan 

 


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CA Ankur Goel
sr. executive

[ Scorecard : 133]
Posted On 16 January 2012 at 13:13

U have to show this loss under CAPITAL GAIN Schedule as short term loan

But u have to submit the return in time as per section 139(1) of income tax act.

There is no requirement to attach any documentary proof with the return.

Only u have to maintain ur demat a/c statement for future reference.





CA Gaurav Choradia
Senior Associate

[ Scorecard : 418]
Posted On 16 January 2012 at 14:51

Dear for claiming STCL 1st of all u hv to file ITR on time as specified u?s 139(1).

for claiming Loss u should hv Purchase and sale bills of share from approved recognised stock exchange. it will be needed only at the time of Scrutiny assessment. no requirement of attaching any evidences with ITR.

STCL will be shown under the head of Income from Capital Gain. STCL can be set off with any other taxable gain of the same year. or any other income if there is no sufficient gain in Capital gain head.

it can also be carry forwarded for next 8 AY if couldnt set-off in current year.




pavan
Engineer

[ Scorecard : 38]
Posted On 17 January 2012 at 01:19

Thanks Ankur and Gaurav for ur valubale usggestion.

can you please also give suggestion on below Quries..

 

I am Salaried Person(employee in private company) and i have incurred loss in FY 2011-2012.

So can i set off my STCL with my Annual Income(Salary)...?

And acc to 139(1) , i can file ITR with above STCL in march 2012 right..? 

 

-Pavan.




pavan
Engineer

[ Scorecard : 38]
Posted On 17 January 2012 at 23:12

can any one please help me here..?

 

 

I am Salaried Person(employee in private company) and i have incurred loss in FY 2011-2012.

So can i set off my STCL with my Annual Income(Salary)...?

And acc to 139(1) , i can file ITR with above STCL in march 2012 right..? 

 

 

-pavan




U S Sharma
glidor@gmail.com

[ Scorecard : 19376]
Posted On 18 January 2012 at 08:10

STCL or any other type of loss can not be adjusted with salary income

you have option to carry forward the same for adjustment in future years ( max upto 8 years)




pradeep kumar chhabra
proprietor

[ Scorecard : 27]
Posted On 25 January 2012 at 11:26

short term capital loss can be setoff against any capital gains It cannot be set off against any other head However if the nature of transactions in capital market are such that it can be attributed to Businee loss then it can be set off


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