Dear all, one of friend has salary income and Bank account savings interest and loss from day trading / equity investment from NSE. My query is as he has loss from equity trading where STT is already paid, this loss can be carried forwarded for 4 years max. as speculative loss and salary income can to used to file income tax return. Correct me if wrong. Please also advice me on which ITR form to be used. Thanks in advance.
3 Replies
Vikas
(CA)
(1135 Points)
Replied 11 May 2012
ITR 2; salary can not be adjusted agst such loss u/s.71
Harinder
(student)
(219 Points)
Replied 12 May 2012
| Originally posted by : Vikas Vishwakarma | ||
 |
ITR 2; salary can not be adjusted agst such loss u/s.71 |
 |
Thankyou for your reply. One more thing I would like to know, whether he would required to keep documents related to speculative loss and submit them along with ITR filing.
Vikas
(CA)
(1135 Points)
Replied 13 May 2012
records should b maintained for 6 years but not reqd to b submit unless asked vide a notice...
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