Dear All,

This with regards to Income Tax on Short Term & Long Term Capital Gain :

I’m doing the capital trading since last 4 years through my personal demat  account. Hoever, I have till not shown any investment and loss / gain occurred in my any of IT return till date.

Question-1:  This year in order to save income tax, I want to show my capital losses occurred till date (for last 4 years). Please guide how to shoe that in current f.y.2011-12 IT return????

Can I suddenly show capital investment done till the date in current f.y.2011-12 IT Return???

Note : I’m Salaried individual filling ITR-1 for IT return.

Kindly guide me suitably..

Waiting for your valuable reply................... 

Regards,

T.D.

It is not possible to show past income and past losses (unless carried forward) in this year's ITR. Carry forward of losses is allowed only if you have declared such transactions in the previous assessment year(s).

Understood, It means whatever losses or gain happened in previous years till the date for which i have not declared invesment in previous years ITRs, that i can not show in current year ITR.

It also means that, in order to start declaring/showing invesment in capital/shares from current year, i have to select only those shares for which buy/sell transcation done in current year (in between 04-Apr-2010 to 31-March-2011 only)????

Is It advisable now to start showing capital invesment for current years investments and losses / gain happen.

Now my second doubt is that, Shares soled in current year which are brought in prevous/past financial years can not be shown???

Can i show shares sold in current year (which are brough in previous years) as a long term capital loss/gain in ITR????

Please help... 

Once gain thnx for your valuable reply....

yes!

Madam,

I did day trading and incurred loss of 6100(apprx.) and profit of 23000 for 11-12  Hence my loss becomes apprx 38000. I am a house wife. I would like to know whether i should file income tax? I was trying to fill a form ITR 2 .  What are these upto 15/9, 16/9 to 15/12 , 16/12 to 15/3 and 16/3 to 31/3 of capital gains?

 

Kindly help

One needs to file ITR if her taxable income for the year exceeds INR 190,000 per annum. Day trading is considered speculative income and loss from speculative activities can be set off only against income from speculative activities earned during that year.