Does Loss incurred in Trading get Tax reduction

[TheCoolestOne]

Hi All

i am new to trading and have incurred serious loss of Rs. 50,000 during current financial year. I do normal trading selling on the same day or within a week.

I am salaried person and falls on 30% slab. Now i need to know can i get any relief from the loss while paying my income tax for this year.

If yes then how maximum benefit can get, if no is there a way where i can get maximum out of the loss.

Thanks in advance for all your help.

 

[AW10]

You can't deduct this loss against Salary income.
But you can carry-forward this loss to next few years.. so when u make next in future, you can adjust that profit against this loss and pay less tax in future.

For that to do properly, u need to maintain your trading records properly and declare that under "Income from Business or profession" ..

I am not tax expert.. but plz cross chk this with your CA or tax consultant.

Happy Trading

 

[TheCoolestOne]

Thanks buddy, i understand all advices given in the forums are friendly advices. Basically it gives us clue that we are in right direction

Thanks again and yeah happy trading.