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Loss in f&o

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(Querist)
21 September 2012 HI,

I have incurred a loss in Rs 2lakh F&O in AY 2008-09 on NSE. I filled a return to carry forward the loss. In AY 2011-12 I made a profit of Rs 40000 and I adjusted it against the previous loss. During ITR-4 preparation for both these years I took it as speculative Loss and Profit.

But now I understand that it’s a business Loss and can be carried forward for eight years. This year I made a profit of Rs 28000 in F&O. I want to understand How to file my returns this year? Should I show it as adjustment against Business Loss?

Thanks,
Neeraj
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Deepanshu Agg.

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Deepanshu Agg. (Expert)
22 September 2012 In my opinion , mistake you committed earlier should not be repeated in next years , rectify this mistake from now onwards, if any enquiry comes give explanation at that time.
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Neeraj Saxena

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Neeraj Saxena (Querist)
22 September 2012 Thanks Deepanshu.
Would like to hear views from other Experts also.
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