income/loss from shares transaction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2011 SIR,

I AM A SALARIED PERSON. I HAD MADE SOME TRANSACTIONS IN STOCK MARKET AS PER MARKET EXPECTATIONS. DURING THE TRANSACTION I MADE LOSS. HOW CAN I SHOW THESE LOSSES IN ITR DURING THE SUBMISSION OF CURRENT ASSESSMENT YEAR AND WHICH ITR CAN I USE?

SINCE I HAD INCURRED LOSS, IS IT NECESSARY TO SHOW IN ITR? PLEASE GIVE ME CLARIFICATIONS IN DETAILS AND OBLIGE.

THANKING YOU.

U S Sharma

U S Sharma (Expert)
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14 May 2011 1) Speculation loss , can not be adjusted or carried forward , use ITR 1/2 as you were using
2) Short term capital loss : can be carried forward for adjustment in next year, (available upto 8 years) use same form use ITR 1/2 as you were using previous
3) Future and Option loss : its business loss and can not be settled with other income, if u want to carry forward the loss , use ITR 4

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