Intraday capital gain can be adjusted with short term capital loss and file itr 2 for fy 2017-2018?

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My query is whether intraday capital gain can be adjusted with short term capital loss and file ITR 2 in case of salaried individual for FY 2017-2018? 

 

Regards,

Saha

 

Replies (10)

No 

 

Please elaborate a bit, if possible.

Set off of Capital Losses: The Income Tax does not allow Loss under the head Capital Gains to be set off against any income from other heads – this can be only set off within the ‘Capital Gains’ head.

Long Term Capital Loss can be set off only against Long Term Capital Gains.

Short Term Capital Losses are allowed to be set off against both Long Term Gains and Short Term Gains.

  As per 'SET OFF AND CARRY FORWARD OF LOSS UNDER THE INCOME-TAX ACT' for AY18-19, Loss from speculative business cannot be set off against any income other than income from speculative business. However, non-speculative business loss can be set off against income from speculative business.

Considering the above statement, seek your valuable comment please.

You have intraday gains (i.e. speculative gains).........

& you are evaluating statement for speculative loss !!!

I repeat the line - '

'non-speculative business loss can be set off against income from speculative business'.
 
I infer it like -
non-speculative business (short term) loss can be set off against income (profit) from speculative business (intraday).
 
Seek your advice whether I am correct or incorrect.
 
Thank you for your support and help!
 
My query is whether intraday capital gain can be adjusted with short term capital loss and file ITR 2 in case of salaried individual for FY 2017-2018?  Regards,Saha 

 

Your query is for STCL, i.e. u/h capital gains.

While you are correlating it with non-speculative business loss u/h 'PGBP' ..

Clarify your loss.....is it STCL or business loss?

 

This is in reference to share market transactions only. I had loss in short term (buy and sell in same fy) share transactions and profit in intraday (buy and sell on same day) transactions/speculation as per IT.

 

Rgds,

 

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If first one is delivery based transaction, the loss is STCL and the same cannot be set off with business profits.


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