Dear Sirs
one of my friend is working as Govt Teacher since 15 years, according to his salary he is comes below the tax limits.
But he invested an amount of 4 lacs in share market and incurred the following losses. Now he got a notice from the IT Department, asking to file from 2009-10 to 2011-12, any body can suggest him/me that can he carry forward his losses to next subsequent year, if so he will not be liable to pay tax for 2011-12 FY, please adivce.
| 2009-10 FY | (188,681.92) | |
| 2010-11 FY | (535,177.90) | |
| 2011-12 FY | 326,012.43 | |
| 2012-13 FY | (4,782.18) | |
| (402,629.57) | Trade Loss | |
| (94,689.88) | Brokerage, ST, STT, SEBI Fee etc | |
| (497,319.45) | Total loss |
CAclubindia
