Capital Loss on Loaned Amount

kevanna (software engineer) (32 Points)

10 July 2009  

Hi there,

This is tax query i am havings and looks to me very complicated.

I was employed till June 2008 and later moved to overseas with my husband for rest of FY 2008-2009.

I have taken my husband money on periodic basis (around 6 lac rs) and invested in share trading during FY 2008-2009. during the period, i incurred net capital loss of 114000 rs.

My few queries are:--

1. will i be considered as resident for tax purpose? (my understanding is since i was in india for 90 days during fy2008-2009 and have been in india before all time, i should be termed as resident?

2. Will i be considered as salaried employee for FY2008-2009 or self employed?

3. Can my short term capital gain be offset againt short term capital gain for next 8 years?

4. My earnings was only 30K and have capital loss of 1.14lac, how do i show that i utilised my husband's money for investing.

and last question

5. My total transaction done was ~150 during whole yearand volume was 13lac, will i be considered as investor or trading

Please provide useful advise as i am submitting my IT return for first time.

Regards

Kevana