Must I pay tax - loss after Mar 2011?

Save Share

This query is : Open

Kapil Khanna (Querist)
Follow

22 July 2011 This is the situation ...
I earned a profit of 2 lacs in currency futures trading upto march 2011. I made a loss of 2 lacs upto June 2011.
My tax liability is 60k if I show profit till march. But eventually my profit was NIL.
Please advise how I can avoid paying the tax, since NET I am in loss OR NIL.
Thanks.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
Follow

22 July 2011 You have to pay tax for the FY 2010-2011 and the result of FY 2011-2012 shall be decided later and the tax treatment to be decided accordingly. If you have loss in entire FY 2011-2012, then you need to carry forward the loss.

Kapil Khanna

Kapil Khanna (Querist)
Follow

22 July 2011 Yes I thought so.
Just hoping there would be some smart way out of paying the tax.
Any ideas?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
Follow

22 July 2011 No. There cant be any in your case. By the way do you have profit other than the one mentioned as earned from currency futures?

Kapil Khanna

Kapil Khanna (Querist)
Follow

22 July 2011 Salary income.
Dividend reinvest - Income from short term debt mutual funds.
Rental income from property.

Kapil Khanna

Kapil Khanna (Querist)
Follow

25 July 2011 Anything you want to add further?