I generally file my income tax return on my own. Since last year I am also filing for my wife who is having interest income.
During FY 2016-17 my wife tried intra-day trading of stocks after putting Rs 15000/- in Trading account with a broker. Within one month she lost Rs 7670/- and stopped trading. Although it is a loss I thought that I should file ITR-3 and carry over the speculative loss to next year just to keep the record straight.
I have filled up as follows:
Nature of Business 0204-Trading-others
Balance Sheet
No account case
sundry creditors Rs 15000/- (used for Trading)
P&L
No Account case
Gross Profit -7670
Nett Profit -7670
Schedule BP
1 Profit before tax as per P&L -7670
Nett profit or loss from speculative business included in 1 -7670
After I filled the above
Schedule CFL automatically got the entry
-7670 under loss from speculative business
I hope above are the right steps to carry forward the loss and mainly to show that she did the trading activity lest she may get a notice from income tax department in future.
Kamalakar
CAclubindia
