Loss from option trading

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Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2018 I am a housewife. I have interest income from deposit and short term capital gains from equity.last year I started f&o to understand. I incurred a loss of 65000. My turnover is 325000. I believe you can’t show a loss. One must get books audited.
1. Can I show presumptive gain and file returns?
2. Which itr form to use?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 May 2018

Insufficient information provided to give concrete opinion. However, audit is not compulsory. Depends on the quantum of other incomes. If your total income after adjusting for losses exceed the basic exempted limit, then audit is applicable. Otherwise not.

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Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2018 My total income is 4,05,000. There are barely 16 call option trades in which I have incurred this loss. Instead of audit can I show presumptive gain of 8percent of turnover and pay tax and file.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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28 May 2018 ok. then you can show presumptive profit of 6% on the turnover (remember you have the option of 6% as these are transactions routed through banking system)

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