Dear Members,
A salaried indivdual is doing Trading of shares online as part time work and incurring lossess and shown it as business loss in AY 2014-15 and 2015-16.( returns filed through clear tax portal by him)
according to me the loss should be STCL and ITR 2 needs should be filed and last years return requires revision. Please correct me if i am wrong.
Waiting for your valuble response.
You are right.. ITR 2 will be applicable for the client
Regards
Piyush Tanwar
Mobile - 9717468521
Hi,
I am unclear as to how you concluded that it is Short term capital loss? Because its his hobby? Hobby or not what decides is the frequency in trading , which will tell you whether it was held as investment or stock in trade. If at all it is a capital loss ITR 2 should be filed. But with your short descreption cant narrow down whether it is capital or business income.
CAclubindia
