I AM EMPLOYED AND PAYING TAX OF RS 1.5 L PAID THIS YEAR. SIMULTANEOUSLY I HAD LOST IN STOCK MARKET RS 3.0 LAKH FROM SAVINGS THAT I HAD DONE IN THE PAST. CAN I CLAIM THIS FOR TAX EXCEMPTION UNDER ANY CONDITION.THIS IS LOSS IN DERIVATIVES TRADING. PLEASE SUGGEST
RE:INCOME TAX EXCEMPTION
by BhejaFry on Apr 20, 2007 03:04 PM Permalink
U lost money because of your stupidity ,why should government waive your tax ? who told you to do derivatives trading without having knowledge ?
RE:INCOME TAX EXCEMPTION
by Amit Arora on Apr 20, 2007 04:02 PM Permalink
If this is the short term loss then only you can setoff this loss against your Short Term profit for the next 6 or 8 years (not sure about the no. of the years. But this cant be set off agianst your normal income (salary, business income etc.)
RE:INCOME TAX EXCEMPTION
by Amitabh on Apr 21, 2007 12:11 PM Permalink
Let us be very clear.No business loss or capital loss can be set off against salary income.Only loss that can be set off against salary is that from house property,which may arise if the house is self occupied/vacant and deduction on account of interest is claimed.
RE:INCOME TAX EXCEMPTION
by on Apr 20, 2007 04:33 PM Permalink
Sorry u cant do dat against your salary income the only way u hav is get huge profits in current year and adjust that loss in current year or quit from derivative trading.
RE:INCOME TAX EXCEMPTION
by UMESH BANSAL on Apr 20, 2007 03:07 PM Permalink
u can easily claim this from out of taxable income and when u fill ur return u can set off this loss from ur taxable income.
RE:INCOME TAX EXCEMPTION
by Ram Sharma on Apr 20, 2007 02:48 PM Permalink
i think that u can claim reduced income by showing this loss. talk to your company accountant.
RE:INCOME TAX EXCEMPTION
by Pawan Sachdeva on Apr 20, 2007 03:17 PM Permalink
Sorry u cant claim this as the losses from speculation business cant be settled from Income under the head salaries
