Loss in shares
This query is : Resolved
30 March 2014
I had lost 1lac in shares. Can I get any exemption in any section, while filing IT returns??
30 March 2014
You have not stated how you have incurred the loss. It is by way of intera day transaction if yes then this is a speculation loss and shall be adjusted only when you earn speculation profit otherwise it will be carried forward. If you are dealing in securities on frequent purchase and sale basis and the holding period is less then 30 days then it is business income and can be adjusted against profit from other securities. If it is listed securities is above 3 months and below 1 year then this is a short term loss and can be adjusted only against short term profit. If the loss is for shares held by you for over 1 year then it is a capital loss and cannot be adjusted from any other income
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