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Set off tax against share trading loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
20 March 2018 My client not filed his return from F. Y. 2015-2016. He have his income around 17 lakhs (income as a Sub broker) and he had booked loss of Rs. 22 lakh in F & O , Can we set off his loss against his income? If yes kindly let me know procedure

20 March 2018 yes he can. but you will have to file ITR - 4. depending upon turnover, audit may be required too.



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