I am salaried person & i loss 30000 Rs in shares should i claim this loss in IT return ?

Question

I am salaried person & i loss 30000 Rs in shares should i claim this loss in IT return ?

Answer 1

Loss in the shares is treated as short term capital Loss. According to the Income Tax Acts, Short term Capital losses cannot be claimed in ITR hence it will also unable to decrease your gross income whereas if you have earned something in shares that will be treated as Short Term Capital Gains and also added to the gross income and there is a special tax rate of 15% which is charged on profits.

It is explained as below:

Suppose the gross income is Rs. 110000/- as salary

Income + Profit from shares = Income + Profit from shares

[e.g. :  

Calculation of Income ( 110000+30000=140000)

Calculation of Tax       (30000*15%=Rs. 4500 Tax)]

Income + (-Losses from shares)  =  Income

[e.g.:

Calculation of Income ( 110000+(-30000)=110000)

Calculation of Tax        ( Nil || Because Rs. 110000 is expemted income)]

Answer 2

Nice thought, I dont think Mr. P.Chidambaram will accept this