Speculation loss on shares in itr

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

Suraj

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