Personal loan

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one of my friend has taken personal loan and did trading in stock market and finally lost. now what is the procedure to show in return?
Replies (5)

Declare loss in ITR3 and adjust it with other income, and balance can be carry forward. Loan will reflect in BS.

Request broker to provide profit and loss statement for the year 2018-19 and calculate amount of loss and divide it into intra day, loss from future and options etc and show this loss in ITR 3 and  file return before due date  so that he can carry forward loss to future assessment years to set off from profit. If you trade without proper learning and stop loss then there will be loss. he should have learnt first with small capital say 5000.

I mistakenly putted Assessment Year wrongly instead of putting 2020-21, I putted A.Y 2019-20. while challan deposit to bank, the mistake were in 2 occasion and it must be for quarter 1. the challan deposits were almost 2 months. please help me how to resolve this problem.
thanks sir. one last query. he lost money in intraday trading. in same year he sold property and liable to pay long term capital gain tax of around 2.5 Lakhs if will not reinvest it. so should he adjust loss in intraday against capital gain from property during return filling?
No loss from intraday trading is of speculative business loss and speculative business loss can be set off only from speculative gain. Hence he can not set off loss from intraday trading of shares from capital gain


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