Tax for salaried person

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lokeshsood

lokeshsood (Querist)
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09 January 2009 Please suggest if a salaried person can claim share loss in his income tax return?

CA Chaitanya

CA Chaitanya (Expert)
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10 January 2009 If the share loss is from his business or profession then he cannot setoff against the salary income.

CA Chaitanya

CA Chaitanya (Expert)
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10 January 2009 If it is taxable under the head capital gains then , the loss cannot be setoff against the salary income.

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lokeshsood

lokeshsood (Querist)
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10 January 2009 Sir,

I had bought shares from my savings in F.Y 2008-09 which were sold at loss. Can i set it off in my return against salary income?

CA Chaitanya

CA Chaitanya (Expert)
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10 January 2009 If it is short term capital loss, it can be set off against any long term capital gain.

CA Chaitanya

CA Chaitanya (Expert)
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10 January 2009 If it is long term capital loss it can be set off only against long term capital gain of the next year.

CA Chaitanya

CA Chaitanya (Expert)
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10 January 2009 If you bought the shares in FY 2008-09, then it it short term capital loss and it can be set off only against short term capital gain of the next year.

lokeshsood

lokeshsood (Querist)
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10 January 2009 Sir,

I have done following under my tax Planning.I am salaries with GI-Rs. 6.72 Lacs:

Medical Insurance U/s 80 D for Self and parents Rs. 15000+Rs. 15000
HRA exemption u/s 13A, Rs.100000 u/s VI, Donation u/s 80 G. I have not taken any home loan.Any other deduction.please suggest.

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