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Regarding the Loss in investment in shares

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(Querist)
23 February 2011 Problem: friends one of my friend is investing some of his money in shares and incurred a loss of Rs.4500/-

Now when he is going to calculate his individual tax and filing form ITR-1 .. Is this loss is to be considered as deduction or not

if yes under which section
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S.A.BADAMIKAR

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S.A.BADAMIKAR (Expert)
23 February 2011 Loss on Sale of short term shares is eligible for set off against capital gain only. Long-term capital loss on equity shares are not eligible for setoff. Refer Section 70/71/74
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