Speculative losses

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2011 I made little speculative loss in Intra day trading.

In few trasactions I gained and in few transactions I lost spread over 2 months.

Over all I am in a loss. I do not want to carry forward these loses as they are minimal and do not want to file ITR-4 for the same. Is it appropriate if I file only ITR-2? I have income from salary and short term capital gains.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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31 July 2011 You have to file ITR 4 as loss from or profit from speculation is a business income and it cannot be reflected in ITR 2 as short term capital gain or loss

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2011 Thank you for replying. Following are my incomes and losses.

1. Income from salary.
2. Short term capital gains in Shares.
3. (Net) Losses in day trading.

I do not want to carry my losses forward and obviously I do not have a tax liability on my losses (do I?) Thereby can I just do with ITR-2 or is it mandatory to show my speculative loss?

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