Tax treatment of capital losses

Tax queries 705 views 1 replies

My Details for FY08-09 as follows,

1. Non-Resident (stayed only 30 days in india during month of March'09)

2. Salary Income of apprx. 70,000 in India and hence, have 0 tax liability for the year.

 

Questions:

a. During year 08-09 I have incurred apprx. 70,000 of ST capital losses in equity transactions(after accounting for ST and LT gains) and apprx 40,000 F&O losses. All the transactions done on NSE thru registered broker.

b. Also I have house property losses during the year on account of interest paid on my housing loan. The property is currently vacant/self-occupied and has no rent income.

In such case, can I carry forward all these losses to FY09-10 and offset them against respective heads during next assessment year?

Thanks for the information!

 

Replies (1)

Yes

STCL of FY0809 can be c/f to FY0910 as STCL : 70000

F&O Loss of FY0809 can be c/f to FY0910 as Oridinary Business Loss : 40000

House Prop Loss of FY0809 after netting with Salary Income of FY0809 can be c/f to FY0910 as HP Loss : Say for e.g. Interest on Housing Loan paid is Rs. 80000 then this 80000 will be set off agst salary income of Rs. 70000 & balance 10000 loss can be c/f to next year for set off as HP Loss.

 


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