I have transferred from my account to my son’s account Rs. Six Lakhs during the financial year 2024 - 2025. He invested the said amount in share market. He has suffered short term capital loss. He doesn’t have any other income except a few rupees as interest income in savings account. Does my son need to file ITR? He doesn’t want to carry forward his short term capital loss.
Hello @Ashok_Kumar
As per the income tax laws, if your income exceeds the basic exemption limit, then you are required to file an ITR. However, filing an ITR is advisable to maintain compliance and proper documentation of financial transactions, especially since he has incurred a capital loss and has some interest income.
Hope this helps!
does this rule also apply if the person in full time trader only ?
if the person is a fulltime trader , with no income , no profit , but loss and does not want to carry forward : then also filing i.t.return is mandatory ?
Hello @HIREiN
I have rectified my answer.
As per Section 139(1) of the Income Tax Act, filing an Income Tax Return is mandatory if your income exceeds the basic exemption limit; otherwise, it is optional. However, it is advisable to file an ITR to ensure proper reporting of financial transactions.