Income tax

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28 December 2011 IF AN ASSESSEE IS TRADING IN SHARES AND IF HE HAD LOSS THEN HOW CAN THE LOSS SHOULD BE SHOWN

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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28 December 2011 If the loss is on account of intra-day trading, then it will be a loss from speculation business.

Such speculation loss can be set off from business income. If there is still a loss the same can be set off from any head except salary income.

If the income of the current year is not sufficient to set off the loss, such loss shall be carried forward for 4 Assessment Years and can be set off only against speculation income.

However, if the loss is not on account of intra day trading, then the treatment will be as under:

Long Term Capital Loss (STT paid) - No treatment. Not allowed as loss.

Long term capital loss (No STT paid) - Allowed as loss. Can be set off only against LTCG.

Short term capital loss (STT paid or not) - allowed as loss and can be set off from LTCG or STCG.

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