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Booking of f&o loss , which itr form is to be filed

24 August 2019

Dear hon'ble members,

Can you enlighten me about which ITR is to be used for AY19-20. I am retired executive and have pension Income only. But have F&O loss and other income as Rent, Capital gain on share intraday trading. Should I need to file ITR2 or ITR4. Wether Audit is necessary as there is net loss of over 6 lacs in F&O. Can I carry forward this loss for next 8 years.

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (175687 Points)
Replied 24 August 2019

ITR 3 needs to be filed. If aggregate income exceed basic exemption limit after eligible set off of losses, audit may be applicable.

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Kapadia Pravin (17259 Points)
Replied 24 August 2019

File ITR 3
Intra-day share trading will be your speculation loss to be shown under item 65 of P&L
F&O loss will be your business trading loss. Audit depends on turnover amount which is 1 crore under 44AB. If you show F&O under 44AD then Audit is must.

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basanth (CA,CS (FINAL)) (102 Points)
Replied 27 September 2019

Sir, Can you tell me how to disclose the details of F&O in ITR-3, say I have turnover from option - Rs 5,80,000 (loss + premium on sale) and from future i having loss of Rs 3,20,000 and from Intraday gain 4,80,000. Please clarify:

1) How to disclose the turnover of Option and loss from such option in ITR

2) How to disclose the turnover of future and loss from such future in ITR