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.
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.
CAclubindia
