I was in Job till Jan13. After that I left my job and started share trading. I traded mostly in F&O segment trading and made a loss of around 2 lacs till 31st March,13. Is there any benefit of showing this loss in Income tax return and under which head should I show the same. Suppose I make profits in share trading this year, Can I net off my loss against the same. Please help
1 Answers
This would be treated as business loss and can be carried forward. In next years, this can be set off against any profits under same category.
You need to file returns using ITR-4, maintain profit/loss accounts and show this loss under business loss.
Related