F&o (shares) loss not shown in itr instead in balance sheet.

Dear All,

Assesee had f&o (shares) loss in f.y.2008-09, 09-10, 10-11, 11-12.

and all income tax returns (itr 4) are filled in time u/s 139(1).

but while filling return he showed this loss as miscellanues expendiure in asset side in his balance sheet (in each year and carried forward till date).

but when we see his itr4 there is nowhere mentioned the amount and year of loss nor in set off of carried forward of loss section.

only showed in balance sheet schedule under misc. exp.

so now he want to claim this loss --- what is the remedy? whether to revise all returns or what to do.........

whether to consider such loss as speculation or non speculation?

All your kind replies awaited......

Replies (4)

now nothing return can be revised. However you can go under for recitification of mistake u/s154. But I think you can not go for FY 08-09, 09-10. 

further you mention year, the losses are speculation loss and it can be setoff only income from speculation business. and you can carried forward for only 4 years.

 

So as mentioned years you can not now claim the 08-09, 09-10 at last.

Thanks a lot Arif for the reply...

I didnt mentioned that it is speculation loss, instead i am having query wether it is speculation loss or normal business loss.

As per the facts it is loss from F&O Shares (transactions relating to futures & options in shares).

so pls confirm is it business or speculation loss.

then my another query follows........

 

do reply thanks.

 

Originally posted by : Arif Ali
now nothing return can be revised. However you can go under for recitification of mistake u/s154. But I think you can not go for FY 08-09, 09-10. 

further you mention year, the losses are speculation loss and it can be setoff only income from speculation business. and you can carried forward for only 4 years.

 

So as mentioned years you can not now claim the 08-09, 09-10 at last.

 

for above all mentioned years, the loss are speculation loss.

I have cleared above.

Can you just refer latest clarifications from Institute and Income Tax India... As I read that F&O Transactions are to be treated as Normal Business transactions... Hope it will help you to update....

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