Set off of losses in trading equity shares
This query is : Resolved
23 June 2013
Dear Expert,
I have already got my form 16, working in a MNC, in previous year 2012-13, I have incurred a loss of 60000, in intraday and less than 1 year scrips.
Pls suggest whether it can be claimed while filling returns so that my taxable income gets reduced by this amount.
Regards,
I have already got my form 16, working in a MNC, in previous year 2012-13, I have incurred a loss of 60000, in intraday and less than 1 year scrips.
Pls suggest whether it can be claimed while filling returns so that my taxable income gets reduced by this amount.
Regards,
23 June 2013
Loss from trading equity shares is the speculative loss, cannot be adjusted with the Salary income. can be carry forward for 4 years and adjust with speculative income only
23 June 2013
Intraday means 'with a day'. Then you said scrips are one year old.
i) If it is intraday trading, with out taking delivery, follow the observation of Ramesh Ji.
ii) If the scrips are delivery based, since you said holding for 1 year, the loss is 'normal business loss' which can't be set off against salary income as per section 71(2A) of the Income tax Act,1961.
i) If it is intraday trading, with out taking delivery, follow the observation of Ramesh Ji.
ii) If the scrips are delivery based, since you said holding for 1 year, the loss is 'normal business loss' which can't be set off against salary income as per section 71(2A) of the Income tax Act,1961.
23 July 2013
Which ITR needs to be filled for Carry forwarding Speculative Loss
23 July 2013
You should file itr 4.
23 July 2013
For more details refer following link.
https://www.caclubindia.com/forum/details.asp?mod_id=256729
https://www.caclubindia.com/forum/details.asp?mod_id=256729
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