Income tax filling related query

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2012 Hi,

I am salaried employee , i've house loan and i have losses from delivery , future, and intraday trading.

My questions are -
1.) Which ITR form i would be filling ITR2 or ITR4?
2.) I'm already showing house loan to my company and getting tax rebate on interest for house load.Can i get rebate on house registry and stamp duty and how much rebate and under which section?

CA Harish Suwalka

CA Harish Suwalka (Expert)

26 June 2012 1. ITR-4 should be filed by you
2. house registry and stamp duty can not be claimed as deduction under any section of income tax act
however municipal tax actually paid during previous year can be deducted while calculating income from rented house property

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2012 Hi Harish,

Thanks for quick reply. I checked with some one else and he told i need to file ITR2 because i don't have any business it just trading.

Also,
What ever losses i have can i claim that with TDS deducted in form 16?

Pratima

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

27 June 2012 1. Delivery based losses are covered under Capital Gains. If long term they are ignored, if short term they are allowed to be set off & carried forward.

2. Intra day trading & future trading are non-speculation business. Accordingly income/loss is covered under the head Income from Business or Profession.

3. Against such income you can further claim expenses such as AMC of the demat account, STT, commission and any other expense incurred by you

Since you have business income you will have to file ITR 4.

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