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Query

11 September 2015

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.

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2 Replies

Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 11 September 2015

You are right.. ITR 2 will be applicable for the client

Regards

Piyush Tanwar

Mobile - 9717468521

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Karthik.V.Kulkarni (Chartered Accountant) (594 Points)
Replied 11 September 2015

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.