Only F&O loss and no other income

Income Tax Income from Capital Gains
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1

Hi,
I want to file ITR for the period 1 April 2020 to 31 March 2021
I have no income source as I am a student but I do F&O trading and had a loss of 15,000 (-15,000) and a STCG on intraday equity of 8,000

How should I report and file this?

2

Hey @Gaurav_Jain, you would have to file ITR 3 to disclose your F&O trading activity under income from business and profession and will have to disclose your STCG under income from capital gains.

3

Thanks Maharshi for the info.

Can I set off my F&O loss against STCG for next year or against salary?

4

Hey @Gaurav_Jain ,

F&O loss is a non-speculative business loss and the same cannot be set off against STCG for next year or against salary. Please read about Set off of losses here.

Non-Speculative Business Loss can be adjusted against any income except Salary in current year. Remaining loss can be carried forward for 8 years and can be set off against business or profession income in future years.

Hope it helps.

5

While preparing BS, what should be considered as asset for salaried person? How to tally Asset and Liability? Where to mention Options turnover?