Clubbing wife stock trading losses in husband income tax

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Shreenidhi Math (Querist)

08 February 2019 Hi I am individual tax payer & my wife home maker with no income. From her trading account i usually used to trade in F&O and 2017-18 & 2018-19 financial year i have losses around 50000/- Now i would like to know while filing returns if i select other than ITR-1, is there any possibility that i can show those losses in my tax computation and can claim exemption. If yes then which form need to be filled & how can i combine wife income or losses. Let me know if there is any process document to follow in this scenario.

CA ALOK KUMAR

CA ALOK KUMAR (Expert)

09 February 2019 Since you are trading through your wife dmat account where all the statutory information like PAN, bank account etc are of your wife. In the legal view of Income Tax Law, each PAN holder is considered as different legal entity and different asseseee. So the profit or loss arising in her Account shall pertain to her income/loss. You can not take its benefit while filing your Income tax Return. For further information, you may login to www.wealth4india.com or speak to our expert @9266242424

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