There was lost in f&o and short term capital loss

Income Tax Income from Capital Gains
1

there was lost in f&o and short term capital loss how do I file the income tax since I am a housewife

What should i mention source of income and income ?

since I don’t have any income , its my pervious long term savings from cash

2

As a housewife with no regular income, but with activities in F&O (Futures & Options) trading and short-term investments, it’s important to file your Income Tax Return (ITR) even if your income is from your own long-term savings and you’re not liable to pay tax. This is because F&O trading is considered a business under tax laws, and short-term capital losses must be reported in order to be carried forward for future years. Filing your return is necessary to preserve this tax benefit.

You will need to file your return using ITR-3, as it covers both business income (from F&O trading) and capital gains/losses. Even though you are a homemaker, this does not exempt you from filing taxes when involved in financial transactions like trading. Under “Nature of Occupation,” you can choose “Others” or “Homemaker,” as applicable.

In the return, you must declare your income and losses accurately.

3 Likes
3

Thanks for the quick reply

5

Thank you for your request. We acknowledge the loss in F&O and short-term capital loss. We will process Invoice #TEC-4523 as soon as possible, considering the current situation. Should you require any further details or assistance, please feel free to reach out.

6

what is the charges from your side to file ITR3?

7

Experiencing losses in F&O (Futures & Options) trading and short-term capital gains can be challenging. However, it’s essential to assess the situation carefully and consider strategic tax-saving options. Losses can be carried forward to reduce future tax liabilities. A financial advisor can provide expert advice.