Short term capital gains tax from share trading
This query is : Resolved
11 June 2020
Hi,
I am currently working in a private company with CTC of 5.24 Lakh per annum . I joined the company on 9th October, 2019. In FY 2019-20 my Short term capital loss from share trading was Rs 65,790. It did only delivery based trading . Should I file income tax return for this loss amount so that it can be set off against any capital gains in the future. How do I file income tax return for this loss amount so that I can carry it forward for set off in the future .
Kindly Guide me on this. Any help will be greatly appreciated
I am currently working in a private company with CTC of 5.24 Lakh per annum . I joined the company on 9th October, 2019. In FY 2019-20 my Short term capital loss from share trading was Rs 65,790. It did only delivery based trading . Should I file income tax return for this loss amount so that it can be set off against any capital gains in the future. How do I file income tax return for this loss amount so that I can carry it forward for set off in the future .
Kindly Guide me on this. Any help will be greatly appreciated
11 June 2020
Your income is below taxable limit so no need to file return and carry forward loss.
12 June 2020
Income seems above the taxable limit, so you should file Income Tax Return.
Also, if the income is not falling beyond the threshold, you should still file your Income Tax Return for the year in which you have Loss of Short Term or Speculative nature, because the carried forward losses in will help you in Setting of the losses against any Gains in the forthcoming years.
You should file your Return of Income showing Income from salary and the Short Term Capital Loss.
Hope this clears your query.
Also, if the income is not falling beyond the threshold, you should still file your Income Tax Return for the year in which you have Loss of Short Term or Speculative nature, because the carried forward losses in will help you in Setting of the losses against any Gains in the forthcoming years.
You should file your Return of Income showing Income from salary and the Short Term Capital Loss.
Hope this clears your query.
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