What is the head of income and appropriate itr form

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PARTHA SARATHI DEY (Querist)
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24 March 2013 Sir,
My younger brother is a SBI employee. He has also Share trading loss in the FY 2011-12 in which year he has earned salary of Rs. 3,45,781/-. Income Tax Authority has issued him a letter to submit Income Tax Return as he has Income / transaction other that Salary. Now the question is :
1. What would be the head of income for the Share Trading Loss.
2. What is the appropriate ITR Form for him.

PALASH

PALASH (Expert)
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24 March 2013 Dear Partha Dey,

1)Under Head Of Income " Income from Capital Gain ". AS SHORT/LONG TERM CAPITAL LOSS.
2) ITR - 2 ( AS YOUR BROTHER IS A SALARIED EMPLOYEE WITH LONG/SHORT TERM CAPITAL LOSS).

But, Partha , short/long term capital loss cannot be set off against salary, so ,be careful.
Thanking You,
PALASH RAKSHIT.

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