I got some loss in share trading. will show in ITR or not

This query is : Resolved

Dmohansrj (Querist)
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26 October 2009 I got loss in short term trading in share market. Is it must to show the loss in ITR forms or not?. I have less income last year?. I have one more doubt . If i not shown, after someyears any query will come.

HARI K V

HARI K V (Expert)
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26 October 2009 hi mohan,
If u dont show it in ur Return of Income, then u can not claim the loss wen u have income..ie in the future years to come...

Rahul Vora

Rahul Vora (Expert)
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27 October 2009 It you do not show in your ITR, then you will be not able to claim that loss against profits, if any, in the future years. Also, if you file your returns, then it is better to show this loss, otherwise, it can lead to wrong computation of income and penalty thereon

CA. C.N.PATIL

CA. C.N.PATIL (Expert)
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27 October 2009 since u hav incurred loss in trading , u have to disclose in ITR , that too within due date allowed , since belated return will not be benefited with carry forward & sett off of loss , in future 8 years