ITR file for sharemarket gain/loss

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Deal Subedar
titamazon

Hi,

Last year i started equity swing trading and ended up with 50k short term loss.

Current year my shortterm gain is 100k.

I am a salaried employee and want to submit my ITR for last year.

Query
1. Which ITR should i submit.
2. If i want to rollover/adjust loss for next year does CA audit required.

You can find my pl in below url picture and suggest me accordingly.

https://freeimage.host/i/...57

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Deal Subedar Deal Subedar
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i think u can carry forward ur losses till 8 yrs , but u have to pay ur taxes first !!

Deal Subedar Deal Subedar
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Yes i can carrydorward but my query is which ITR should i select or does it require ca audit.

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Helpful Helpful
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Ca audit not required but u will have to show it as capital gain and not as buisness income. If you were into intraday trading then u dont have option but show it as business income. And as far as setting off of previous loss is concerned it has to be from the same head i.e. capital loss

Deal Cadet Deal Cadet
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I think u need to file itr2. Even to roll over the loss, the loss needs to be mentioned in itr2 while filing. You have option there.

Deal Subedar Deal Subedar
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htt.../m.

A detailed video found for itr3 specific to share market

Deal Subedar Deal Subedar
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Off Topic – One of my relatives transferred Rs 70K (during the last FY 2019-20) directly in my bank account for a loan he took from me several years ago. Should I show this amount as income because we have to provide bank details as well in ITR-1 and details can be cross-checked anytime.
If I show this under “income from other sources”, can IT Dept question the Source of this in future?
My total income would not cross 2,50,000 even after including this as income.

Also, I had read that IT Dept had implemented new system of taxation/deduction from this year and tax-payers will have the option to choose whether they want to stay in the Old System or switch to New System. I can’t see this option anywhere in ITR-1. Doesn’t anyone know how to choose this?

Deal Cadet Deal Cadet
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did you give him loan through bank account ??

Deal Subedar Deal Subedar
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I took a loan for my relative in 2007 from HDFC for 2 lac. The money was credited to my same HDFC account which I’ll show in ITR. I gave him in cash while I repaid thorough EMIs over 3 years from the same hdfc account. He paid back rest in cash to me.

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Shopping Friend Shopping Friend
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Firstly, F&O loss is a non-speculative loss and Intra-day stock trading is a speculative loss!
Speculative loss can only be adjusted against speculative income and unadjusted speculative losses can be carried forward to four years!
While for a non speculative loss, it can be carried forward for 8 years and can be set off against any head other than salary in that respective year, and while from next year only against non spec business!
So yes, you can claim it as a deduction! But for that you need to file ITR within due date in case of non spec business! And the correct form will be ITR 3
And yes in case of a loss from business you have to get it audited by a CA!

Critic Critic
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Business income & speculative profit/loss is indeed shown in ITR-3 only but CA audit is not needed if Turnover is less than Rs.1 Cr & Total Income is less than the Basic Exemption Limit.
@cocay

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Deal Cadet Deal Cadet
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Your amount is negligible. I assure you their is no way ITO is going to ask you anything. Just show it as income from other sources. Dont mark it as gift, since you can take gift from blood relation i.e only your family.

Critic Critic
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No need to even show it as income from other sources. If ITO is not going to ask then showing it as income is irrelevant & if they are going to ask then it doesn’t matter anyway whether you have shown it as income.

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