Correct itr form?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 Sir,
My question is which ITR Form to use in the following two cases-
1) Professional income+capital gains+rent from res.flat+ profits from equity and derivatives trading

2)Professional income+capital gains+rent from res.flat+ loss from equity and derivatives trading

Thanks

Riddhi Kadhiwala

Riddhi Kadhiwala (Expert)
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07 January 2014 In both cases, you have to file ITR -4 only.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 Dear Sir,
Some colleague told me that if one is trading in equity and derivatives he has to compulsorily file u/s 44AD and use ITRSugam in case of profit(equal to or greater than 8% of the trading turnover). In case One has loss to show one has to use ITR4 .
Sir I am confused. Kindly clarify very soon.
THANKS IN ADVANCE

Riddhi Kadhiwala

Riddhi Kadhiwala (Expert)
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07 January 2014 You have Professional Income + capital gain + rent income also in addition to Equity trading profit / loss. So you cant file ITR - 4S.
You can read criteria of Eligibility & Non eligibility of ITR 4S.

Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2014 Sir ,
Kindly clarify one more point. Suppose an individual otherwise fulfills all other eligibility criteria for using ITRS but as a share market trader has income from both speculative(day trader in equity and FNO) trading as well as non speculative(short term equity) trading then in this case can he use ITRS.

Thanks in advance

Riddhi Kadhiwala

Riddhi Kadhiwala (Expert)
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07 January 2014 If Share market trader has Income from both speculative & non speculative then also he can not file ITR 4s.

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