F & O treated as income from other sources ??

This query is : Resolved

Tejas (Querist)
Follow

26 July 2010 I would like to know IF a person having Salary Income ( major part ) ... has only one or two F & O transactions with

net loss of around 500 /= .

Will he liable to file ITR 4 ..... treating F & O income / loss as Business income - filing of ITR with business ward ??

or he can consider this income / loss frm one or two transactions under income from other sources and

file ITR 1 or ITR 2 whichever applicable ???

Please advice

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

26 July 2010 Business income.

If u do not want to claim the loss then dont show in return and file ur usual return.

If u want to claim loss then u will have to file ITR - 4 even if there was one transaction.

Message likes : 1 times

Tejas

Tejas (Querist)
Follow

28 July 2010 thank u very much sir

Upgrade to CAclubindia Pro. Subscribe Now!