Loss from option trading
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 May 2018
I am a housewife. I have interest income from deposit and short term capital gains from equity.last year I started f&o to understand. I incurred a loss of 65000. My turnover is 325000. I believe you can’t show a loss. One must get books audited.
1. Can I show presumptive gain and file returns?
2. Which itr form to use?
1. Can I show presumptive gain and file returns?
2. Which itr form to use?
27 May 2018
Insufficient information provided to give concrete opinion. However, audit is not compulsory. Depends on the quantum of other incomes. If your total income after adjusting for losses exceed the basic exempted limit, then audit is applicable. Otherwise not.
Insufficient information provided to give concrete opinion. However, audit is not compulsory. Depends on the quantum of other incomes. If your total income after adjusting for losses exceed the basic exempted limit, then audit is applicable. Otherwise not.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
28 May 2018
My total income is 4,05,000. There are barely 16 call option trades in which I have incurred this loss. Instead of audit can I show presumptive gain of 8percent of turnover and pay tax and file.
28 May 2018
ok. then you can show presumptive profit of 6% on the turnover (remember you have the option of 6% as these are transactions routed through banking system)
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