Please through light on matters listed...
1) income from salary - 10 lac
2) Income from delivary based share profir within year - 0.8 lac
3) Loss from intraday - 0.4 lac
4) Loss from F&O - 0.9 lac
5) Income from house property (second home) - (Negative -0.7lac)
Exception--
80C - 1 lac
Infra bond - 0.2 lac
House intrest ( first home) - 1 lac
Please suggest how to calculate tax and which return form fileing ITR- 1/2/4???
Wating for response..........
Loss from intraday will be considered as a speculative loss hence can not be adjusted aganist any other income other than speculative income.
Loss from F&O transactions is considered as normal business Loss.
Short term capital gains those cases mentioned u/s 111A are chargeable @ 15% flat rate
So your taxable income will be
salary 10-0.7(house property loss)-1lakh(interest)=8.3
Short term capital Gains (sale of shares with in a year ) 0.8-0.8( extent to income setoff towards F&O loss).
SO total Income 8.3-1(80C)-0.2(80CCF infra bonds)= 7.1 lakhs
Tax liability =RS.76220( including cess)
Your income cosists of income/loss under the head Income from business or profession so You have to File ITR-4.
Note: 1.Business loss can't be adjusted against salary income.
2.Loss from intraday can be carry forward for next 4 years.
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