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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Feb 10, 2024

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Atul on Feb 02, 2024Hindi

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I lost 6 lakhs in share trading,, shall i reduce this amount from my overall income to get net income for ITR purpose.

Ans: There are many kinds of stock trading and depending on what exactly did you do, your tax liability will be calculated including whether your loss can be set off against anything else.

In general, you cannot set off your loss against your income in the way you have written. Please consult an income tax expert, a CA or a financial planner.

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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Question by sachin - 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.

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Dear sir, Iam an indian, currently working in maldives and my salary is 12lacks per year. Last year may i started f&O trading in groww app and i lost almost 12 lacks till jan 2025. Now do i need to file ITR or no. All my salary money iam sending to my indian bank account from that money i trade. Kindly help me for this. Thank you.

Ans: Yes, loss from F&O trading is required to be disclosed as business loss in Income tax return (ITR 3)

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Asked by Anonymous - Feb 06, 2025Hindi

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Sir, I’m unemployed & for trading my parents gave me ₹5.8 lakh and I’ve made a loss of ₹2.52 lakh, since money received from parents is not taxable so do I need to show 5.8 lakhs can I show this loss in itr and carry forward this loss ?

Ans: Your understanding is correct as far as you receive money from your parents, it is a gift from relative and not taxable.

You can carry forward the losses depending upon type of loss that you have incurred (ie loss on equity, options, futures and timing of asset held ie more than 12 months or lesser).

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I have given 12th hsc board exam and in that I got less percentage in pcb as per neet eligibility it is not acceptable.Can I give improvement exam and then become eligible for neet by getting 50%.

Ans: Hello Aayushi.
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Hello I am a 4th year mbbs student in Tbilisi Georgia, I am an Indian citizen and I wish to persue pg programs in Dubai, what are the necessary things I need to keep in mind what exams should I start to prepare for, as of now I will be preparing for NEXT as FMGE (Indian exam)will be replaced via NEXT.

Ans: Hi Chitanya,
Why do you prefer pursuing postgraduate medicine in Dubai?
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Dear Sir, as my son Inter bord got 91% but in Jee mains 1st attempt got 50% and 2nd attempt got 70%, but he was not eligible for Advance, and he was wrote other college exams as (IIIT Hyd + VIT+TSEAPCET) in that VIT got results as 1.20 Lakh rank and he was eligible for Round of Category of 5th for VIT-AP & VIT-Bhopal, and expecting results for IIIT Hyd and also waiting for other Exams as (COMEDK + MIT + BITS), he was sincerely trying the efforts private college entrance exams, but the results which is not satisfy for him, and getting disappoint, but I was giving the motivation for other exams and do the hard work and focus on, BITS & IIT-Hyd also very tuff and more competitive, as i need to think for the negative side, if he could not get any cut of marks, what is the next option....? I request you pls give any other alternate suggestions for which is alternate engineering university for the course of (CSE AI & ML), my son interested in CSE course only

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No there is more 3 exams are pending like (COMEDK+MET+BITS)

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I appear for hsc mh board exam but my score for neet grouping is not that enough.so I want to give improvement exam in July.... But can I give improvement in only 2 sub if I want to improve that

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EEE (Electrical and Electronics Engineering) at IIIT Gwalior (ABV-IIITM) can be a decent choice. But if you're strictly interested in core electrical engineering, other colleges (like NITs) might be a better option because not many EEE-core companies visit the campus in comparison to CS/IT branches. Finally, if your interest is strictly in core EEE, IIIT Gwalior might not offer as many labs or core recruiters as older NITs or IITs with stronger electrical departments.
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Asked by Anonymous - May 05, 2025

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Sir, NRI daughter had LTCG income in FY23-24 and IT returns was filed in ITR-2 as per rules. In FY24-25 there is no taxable income and there is no LTCG also. In such a case, filing may not be required but she would like to file just to recover the small but atrocious deductions made in the SB account.. My query is which ITR form is to be used in this case? In case if ITR-2 is not required, is there anything wrong in using ITR-2 itself?

Ans: In case she is earning interest from saving account only, ITR 1 is applicable and it is advisable not to use ITR 2. Further, ITR 1 can not be filed in following cases like if person own assets (including financial interest in any entity) located outside India; has signing authority in any account located outside India; has income from any source outside India; want to claim deduction from saving interest, is a director in any company; has held any unlisted equity share at any time during the previous year; has agricultural income, exceeding five thousand rupees etc

Refer to Rule 12 for the applicability of form :
https://incometaxindia.gov.in/Pages/rules/income-tax-rules-1962.aspx

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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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