Itr 2
9 months ago
I have a overall loss of 2000 I n delivery stock trading. I don't want to carry forward the loss. Do I need to file itr 2
A.Dear client,
Losses sustained in the stock market can be leveraged to reduce your tax liability. Income Tax Act differentiates stock market transactions as "Capital Gains" or "Business Income" depending on various factors. Capital gains are further classified into long-term or short-term depending on the period of holding of shares. A long-term capital loss can be offset only against long-term capital gains. Whereas a short-term capital loss can be adjusted against both short-term and long-term capital gains. If a loss cannot be adjusted in the current year, it can be carried forward to the following 8 Assessment Years only if the taxpayers file their ITR on time.
Losses sustained in the stock market can be leveraged to reduce your tax liability. Income Tax Act differentiates stock market transactions as "Capital Gains" or "Business Income" depending on various factors. Capital gains are further classified into long-term or short-term depending on the period of holding of shares. A long-term capital loss can be offset only against long-term capital gains. Whereas a short-term capital loss can be adjusted against both short-term and long-term capital gains. If a loss cannot be adjusted in the current year, it can be carried forward to the following 8 Assessment Years only if the taxpayers file their ITR on time.
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A.Dear Sir,
The above issue involves financial and income Tax issues as such you may better approach any auditor or income tax consultant.
The above issue involves financial and income Tax issues as such you may better approach any auditor or income tax consultant.
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