Query regarding short term capital loss adjustment

Hi All,

I have a query regarding short term capital loss adjustment.

I am a salaried person working in an IT company infosys and paid INR 55000 tax this year 2011 to 2012. In this year i also had a share market loss of more than 1 lakh. Can this short term loss be adjusted with tax which i have paid already and can file Return ?

OR

If not then can i carry forward this loss by declaring it this year and adjust it against next year's Tax ?

OR

I can not at all adjust the Short term loss with Tax which i am paying on my salary ?

This will be very usefull information for me.. Thanks in Advance all the CA champs here ...

Thanks,

Sanjay