Declaring losses
This query is : Open
05 July 2014
I am Salaried person and have transaction in Equities and F&O; I am going file ITR 4. I have loss in F&O as well as in Equities (Short term and Long term). Question is whether Shall I show all the losses in Equities and F&O as Business loss or Should I show F&O loss as "Business loss" and Equities as "Capital loss". Please suggest.
06 July 2014
Mr. Venkatesh,
F&O loss would be treated as business loss and loss in equity shares would be capital loss for Income Tax purposes
F&O loss would be treated as business loss and loss in equity shares would be capital loss for Income Tax purposes
Message likes :
1 times
06 July 2014
Mr. Mohit,
Thank you for your reply, Since I am declaring myself as "Trader" and going to file ITR 4 along with my form 16 which I got from my employer.
The below mentioned links guide like "Any income from buying and selling shares even if more than a year is considered as a business income." If I declare as "Trader". Please clarify whether I am right on this.
If I could show the long term loss as business loss; Then only I can set off in future years profit.
Could you visit http://zerodha.com/z-connect/traders-zone/taxation-for-traders/taxation-simplified#comment-9933
Thank you for your reply, Since I am declaring myself as "Trader" and going to file ITR 4 along with my form 16 which I got from my employer.
The below mentioned links guide like "Any income from buying and selling shares even if more than a year is considered as a business income." If I declare as "Trader". Please clarify whether I am right on this.
If I could show the long term loss as business loss; Then only I can set off in future years profit.
Could you visit http://zerodha.com/z-connect/traders-zone/taxation-for-traders/taxation-simplified#comment-9933
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
