Which ITR should I file as a government employee and intraday option buyer

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Deal Captain
Rockstar165

Hi Dimers ,
I have a query. I am a state government employee in which I receive 34k salary and I am doing option buying trading since March, 2020. And I’m in huge loss approximately 7 lac. Now which ITR form should I file? I generally file ITR 1. Is there anything wrong if I do so?

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Deal Lieutenant Deal Lieutenant
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@kukdookoo That is when you do options which are volatile.
I am talking about normal stocks,
There are good free calls channels.
You can try checking and verify yourself.
It will generate small profits if done carefully with one own research & observation.
Benevolent Benevolent
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@TridentDG There are good free calls channels.

his loss will still be 70 lacs then
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Deal Lieutenant Deal Lieutenant
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7 lakh loss? I will suggest you to follow some trusted [sebi registered] free calls channels and do investment short or long term or intraday.

Stay away from options.

Regarding ITR, other dimers may help.

Benevolent Benevolent
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I will suggest you to follow some trusted [sebi registered] free calls channels and do investment short or long term or intraday
his loss will be 70 lacs then
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Wingman Wingman
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I dont know you are aware or not but government employees are not allowed to do intraday trading. They can only invest in long term investment and prohibited from participating in speculative or intraday trading.

Tech Guru Tech Guru
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Is this something recently in place?

I know few gov employees indulged in intraday trade from years

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Generous Generous
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Government employees jo trade karna illegal hai

Deal Cadet Deal Cadet
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wtf, you sir, are going to jail

ok not exactly but you will get in trouble sooner than later

Generous Generous
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Govt employees with Intraday option trading and filing IRT 1 from 2020.... 

Get a CA and sort out this mess.

And as for your Intraday option trading...   stop gambling and get help for your addiction. If you believe Intraday option trading is not gambling... God help you I guess....

Deal Subedar Deal Subedar
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Well you should file ITR-3. You claim the losses and adjust it with future profits.

You are not supposed to do intraday. Since, you know, you are supposed to be working for the government during that time.

But you can trade when you are off duty. Unless you work in an office that gives you access to stock market related activities or company internal workings, then you can't trade.

Deal Brigadier Deal Brigadier
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can we adjust option loss with equity cash gains?
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Benevolent Benevolent
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Government employees are generally not allowed to engage in trading and speculation activities. Intraday trading and frequent buying and selling are considered speculation and are prohibited. However, occasional investing for the long term is permitted. Authorising relatives to trade on their behalf or trading through their accounts is also not allowed, as it can influence the government employee's duty. IPOs and FPOs are off-limits for government employees as well.

Nevertheless, the recent change in the rules regarding investment limits in mutual fund schemes and stocks is good news for government employees. It provides them with more opportunities to invest and grow their wealth. It is important for government employees to understand and abide by these rules to avoid any legal consequences. By doing so, they can ensure a peaceful and compliant financial journey.

Reference: https://www.finowings.com/Trading/can-governmen...

Deal Brigadier Deal Brigadier
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bhai ipo se loss recovery karlo , bhut bhagne wale ha kyu option me apna career aur capital ki barbadi kar rahe sad 

Deal Cadet Deal Cadet
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Just transfer your holding to your immediate relative for eg. wife and file ITR-3



Generous Generous
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Don't file losses. Let it go. You might even lose your job if they notice it.

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