Speculation loss on shares in itr

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Suraj (Querist)

13 April 2014 Dear Sir,

My query is regarding how to show speculation loss on shares (intra day shares transactions) in Income Tax Return.

Total of Speculation share sale Rs. 74,00,000/-

Total of Speculation shares purchase Rs. 75,00,000/-, Thus net loss of Rs. 100,000/-

Total of all net Plus differences (i.e. Profit) Rs. 50,000/-

Total of all net Minus differences (i.e. Loss) Rs. 150,000/-

Besides this, there is a professional income of Rs. 4,50,000/- (after all deductions) for which no accounts are maintained.

From above, I wish to know:
1) Which ITR to be filled in? whether will this appear under Capital Gain schedule?

2) How to show speculation shares transactions in the ITR? Do I need to show share sale and share purchase as sale and purchase in profit & loss account in ITR?

3) Or show Net Loss under No Account case.

4) Whether this speculation loss can be adjusted against Rs. 450,000, show Rs. 400,000/- under No Account case.

Kindly guide.
Regards,
Suraj

Rupesh Jain

Rupesh Jain (Expert)

14 April 2014 SPECULATION LOSS CAN NOT BE SETOFF AGST BUSINESS INCOME

PLS FILL FORM -4
FOR INCOME. IN WHICH CAPITAL GAIN SCHEDULE YOUNCAN SHOW SALE & PURCHASES

Suraj

Suraj (Querist)

21 July 2014 More replies from experts are awaited. Kindly reply as early as possible.
Regards
Suraj

Suraj

Suraj (Querist)

21 July 2014 More replies from experts are awaited. Kindly reply as early as possible.
Regards
Suraj