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Mihir Tanna  |984 Answers  |Ask -

Tax Expert - Answered on Jul 06, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
sachin Question by sachin on Jun 07, 2023Hindi
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i have Loss of around 2 Lakhs in stock market ..mostly intraday during 2020-2021 annual Year ..Can i show in this Year ITR and get some relief on Tax ..My annual Package is 13 Lacs with no Home Loan ..but Have Personal Loan of around 10 Lac

Ans: Transfer of capital asset being shares is taxable in the year in which shares are transferred from D-Mat.

Thus, if shares transferred in FY 20-21, it can not be shown in FY 21-22.

Further, loss from intraday is chargeable under the head speculative business and it can not be set off against salary income.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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