banner_ad

What is the head of income and appropriate itr form

This query is : Resolved 
Profile Image

Profile Image

(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.
Profile Image

PALASH

Profile Image

PALASH (Expert)
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
11 May 2026
CA Dropout

Patron Accounting LLP

Pune

CA Inter

View Details