Tax for salaried person
This query is : Resolved
lokeshsood
(Querist)
09 January 2009
Please suggest if a salaried person can claim share loss in his income tax return?
CA Chaitanya
(Expert)
10 January 2009
If the share loss is from his business or profession then he cannot setoff against the salary income.
CA Chaitanya
(Expert)
10 January 2009
If it is taxable under the head capital gains then , the loss cannot be setoff against the salary income.
lokeshsood
(Querist)
10 January 2009
Sir,
I had bought shares from my savings in F.Y 2008-09 which were sold at loss. Can i set it off in my return against salary income?
I had bought shares from my savings in F.Y 2008-09 which were sold at loss. Can i set it off in my return against salary income?
CA Chaitanya
(Expert)
10 January 2009
If it is short term capital loss, it can be set off against any long term capital gain.
CA Chaitanya
(Expert)
10 January 2009
If it is long term capital loss it can be set off only against long term capital gain of the next year.
CA Chaitanya
(Expert)
10 January 2009
If you bought the shares in FY 2008-09, then it it short term capital loss and it can be set off only against short term capital gain of the next year.
lokeshsood
(Querist)
10 January 2009
Sir,
I have done following under my tax Planning.I am salaries with GI-Rs. 6.72 Lacs:
Medical Insurance U/s 80 D for Self and parents Rs. 15000+Rs. 15000
HRA exemption u/s 13A, Rs.100000 u/s VI, Donation u/s 80 G. I have not taken any home loan.Any other deduction.please suggest.
I have done following under my tax Planning.I am salaries with GI-Rs. 6.72 Lacs:
Medical Insurance U/s 80 D for Self and parents Rs. 15000+Rs. 15000
HRA exemption u/s 13A, Rs.100000 u/s VI, Donation u/s 80 G. I have not taken any home loan.Any other deduction.please suggest.
10 January 2009
there is still scope for deduction u/s 80C for rs 100000.
CA Tilak Raj Sharma
(Expert)
10 January 2009
U/s 80C for Rs. 100,000.
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