What is the head of income and appropriate itr form
This query is : Resolved
PARTHA SARATHI DEY
(Querist)
24 March 2013
Sir,
My younger brother is a SBI employee. He has also Share trading loss in the FY 2011-12 in which year he has earned salary of Rs. 3,45,781/-. Income Tax Authority has issued him a letter to submit Income Tax Return as he has Income / transaction other that Salary. Now the question is :
1. What would be the head of income for the Share Trading Loss.
2. What is the appropriate ITR Form for him.
My younger brother is a SBI employee. He has also Share trading loss in the FY 2011-12 in which year he has earned salary of Rs. 3,45,781/-. Income Tax Authority has issued him a letter to submit Income Tax Return as he has Income / transaction other that Salary. Now the question is :
1. What would be the head of income for the Share Trading Loss.
2. What is the appropriate ITR Form for him.
24 March 2013
Dear Partha Dey,
1)Under Head Of Income " Income from Capital Gain ". AS SHORT/LONG TERM CAPITAL LOSS.
2) ITR - 2 ( AS YOUR BROTHER IS A SALARIED EMPLOYEE WITH LONG/SHORT TERM CAPITAL LOSS).
But, Partha , short/long term capital loss cannot be set off against salary, so ,be careful.
Thanking You,
PALASH RAKSHIT.
1)Under Head Of Income " Income from Capital Gain ". AS SHORT/LONG TERM CAPITAL LOSS.
2) ITR - 2 ( AS YOUR BROTHER IS A SALARIED EMPLOYEE WITH LONG/SHORT TERM CAPITAL LOSS).
But, Partha , short/long term capital loss cannot be set off against salary, so ,be careful.
Thanking You,
PALASH RAKSHIT.
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