Itr for ay 2012-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2012 Respected Sir/Madam

I have around Rs 1.2 lacs as rental income and Rs. 20 thousands loss in stock trading in AY 2012-13. I purchased a car for 3.5 lacs from my savings of previous years and amount gifted by my son.
Do I have to file ITR ?
Since I did intraday trades, almost everyday, will stock trading be considered business ?
Can I file ITR-1 or ITR-2 or do I have to compulsorily file ITR-4 ?
Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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01 October 2012 1. Your total income comes to Rs. 84,000.

Rental Income = Rs. 1,20,000
Less: Standard Deduction = Rs. 36,000
Net Income = Rs. 84,000

Loss from intraday trading is speculative loss and can only be set off from speculative gain.

This loss will be carried forward.

2. Since you have to carry forward the speculative loss, you will have to file a return of income.
In the next year your profits from intra day trading will be reduced by the amount of this loss.
So it will give you benefit in the succeeding years.

3. Intraday trading is a speculative BUSINESS. Accordingly you will have to file ITR 4.

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