Form 16 and losses from stock, fno trades

226 views 6 replies

Sachin

None

55 Points Joined July 2014

Hello Firends,

I am looking for you experts help in below questions.

- I am a salaried individual and got the incomce with Form 16 post tax deductions.

- On the sidelines, i am also involved in stocks and futures trading, due to which i have incurred fair lossess in stocks (equity) and FNO in the financial year of 17-18

- Which ITR form will i need to use to file my return with Form 16 and Stock losses?

- Also how do (under which sections) i need to report my losses from equity stock and FNO trades?

Please let me know at the earliest, as the date of filing is 31st july just a week from here.

Thanks

Sachin

Replies (6)

Y GOPI REDDY

GREAT POLITICAL LEADER

378 Points Joined December 2015

contact
WhatsApp number
8096044515
for free advice

Sachin

None

55 Points Joined July 2014

Hello Friends,

Please respond to my query and help me. Its urgent as due date is nearing. Gopi was not of great help.

-Sachin

Sinoj Varghese

Accountant

44 Points Joined September 2012

IF you do it as a business ITR4 is required as per ClearTax.

Ashok Kumar

CA qualified

389 Points Joined November 2012

F&O trading is treated as a business income.

Intraday share trading (without taking delivery) will be speculative business income.

Share trading (with delivery) will be business income or capital gains/loss based on the volume and frequency.

Based on above the return has to be filed in ITR 2 or ITR 3. If you can provide me facts in numbers and more details, i can ascertain your exact taxability and compliance

Sachin

None

55 Points Joined July 2014

Hello Ashok,

Thanks for your response. Is there a way i can contact you directly via email or phone, please share. I will need some professional help to file the returns.

Thanks

Sachin