Set off tax against share trading loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2018
My client not filed his return from F. Y. 2015-2016. He have his income around 17 lakhs (income as a Sub broker) and he had booked loss of Rs. 22 lakh in F & O , Can we set off his loss against his income? If yes kindly let me know procedure
20 March 2018
yes he can. but you will have to file ITR - 4. depending upon turnover, audit may be required too.
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