Loss in f&o
This query is : Resolved
21 September 2012
HI,
I have incurred a loss in Rs 2lakh F&O in AY 2008-09 on NSE. I filled a return to carry forward the loss. In AY 2011-12 I made a profit of Rs 40000 and I adjusted it against the previous loss. During ITR-4 preparation for both these years I took it as speculative Loss and Profit.
But now I understand that it’s a business Loss and can be carried forward for eight years. This year I made a profit of Rs 28000 in F&O. I want to understand How to file my returns this year? Should I show it as adjustment against Business Loss?
Thanks,
Neeraj
I have incurred a loss in Rs 2lakh F&O in AY 2008-09 on NSE. I filled a return to carry forward the loss. In AY 2011-12 I made a profit of Rs 40000 and I adjusted it against the previous loss. During ITR-4 preparation for both these years I took it as speculative Loss and Profit.
But now I understand that it’s a business Loss and can be carried forward for eight years. This year I made a profit of Rs 28000 in F&O. I want to understand How to file my returns this year? Should I show it as adjustment against Business Loss?
Thanks,
Neeraj
22 September 2012
In my opinion , mistake you committed earlier should not be repeated in next years , rectify this mistake from now onwards, if any enquiry comes give explanation at that time.
22 September 2012
Thanks Deepanshu.
Would like to hear views from other Experts also.
Would like to hear views from other Experts also.
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