Income Tax Computation
My wife aged 60 years has accumulated losses for the last 3 years from share trading. She has FD interest and savings a/c annual income of about 2 1/2 lakhs and dividend of about 50 thousands. How will she compute the tax and which ITR form she is required to use. more
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She should use ITR 2 and should also mention about accumulated losses so in future she can adjust profits in future years from losses in my opinion more
Jul 18
Dear Pritamji, The Losses of STCG (Income under the head Capital Gain) only adjusted with STCG however these Losses Can be adjusted with LTCG against Property or Off Market Sales of Shares (Long Term or Short Term), Hence be clear that Exempted Income or Interest Income not to be adjusted with STCG. Thanks more
Jul 18
Thank you Sunil Bhalotia ji. She would be senior citizen next AY year (60 years became on 15 July 2016). Losses are STCG on market (STT paid) through NSE & BSE. Dividend is 45000. Please clear me, if the losses are to be set off only through shares STCG or can be through FD interest income and which is the right ITR? more
Jul 18
Dear Friend, Since Your Wife Age is Assume to be More than 60 Years as on 31.03.2016 so She is Senior Citizen and in That Case Exemption Limit is 3.00 Lakhs, You had given that there was Share Loss in Previous 3 years but not Given is it STCG or LTCG and also On Market or Off Market, However if in AY 2016-17 if Exempted Income i.e of Dividend is More Than 5000.00 she has to file ITR-4. any other Views also welcome. CA. Sunil Bhalotia more
Jul 18
