Losses form securities and F&O
This query is : Resolved
vimal shankhwar
(Querist)
22 February 2011
Hi, If I have invested in my brother's securities Trading Account & have incurred losses in Equity as well as F&O segment. so please advise return of losses can be filed because till date he has not filed any return as there is no profit from sale of trading & he has no other income. what would it effect if I have invested his trading account? Regards
CA PARAS BAFNA
(Expert)
22 February 2011
Return of loss can be filed but you can not carried forward the loss.
If you have given him thru cheque then show it as a loan.
Otherwise, show it as amount gifted by you, provided you can justify the source from where you have got the funds.
It will be better to contact CA , as he may find other possibilities in this matter.
If you have given him thru cheque then show it as a loan.
Otherwise, show it as amount gifted by you, provided you can justify the source from where you have got the funds.
It will be better to contact CA , as he may find other possibilities in this matter.
vimal shankhwar
(Querist)
25 February 2011
Dear Sir, thanks for the reply..
I have confirmed form CA and he confirmed that, In the case of investment made by me to my brother's account, the income/loss will taxed in my hand as it attract clubbing of income..is is true?
I have confirmed form CA and he confirmed that, In the case of investment made by me to my brother's account, the income/loss will taxed in my hand as it attract clubbing of income..is is true?
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