02 March 2009
I have taken a personal loan through a private bank during this year and i have invested in the shares & securities through a regular franchise and i have winded up with a loss on it. So could i show the respective loss and i want to claim the occurred loss in this year. So i want to know the details required for the submission of my tax return (A.Y.2008 - 09)
18 April 2009
Income tax has nothing to do with the personal loan.Only use of it will be for source of fund.
Loss in shares have been occurred with in a year itself therefore you can claim the loss in the ITR under Speculative loss in business & Profession Head and carry it forward for 4 years and sett off this loss against the speculative business profit only.
CAclubindia
