Hi Diosys
U are doing wonderful job...keep it up and thanx
My queries are
1. I intend to do intraday as well as swing, pos and LT delivery based trading in Cash and F&O. Iam a full time trader and I dont have any other income. The trading acc is with my wife who is working in a public sector. I have incurred losses in delivery based trading as well as intraday trading. How do we account for these since, trading is a prohibited activity as per my wife's employment contract goes. But the trading activity has been carried out by me and not by my wife. I fear to show these losses in her returns fearing that this may lead to other complications in her job. How do i claim these losses or how to carryforward these losses? These are done using my money though.
2. Now that i have realised point no:1, I intend to open a trading account in my name in Ventura or Geojit, suggest me how to open this account, interms of claiming other expenses such as telephone, bradband, STT, service tax, purchase of books, other incidentals etc. Will individual trading acc suffice or u want me to open a proprietary trading acc for which the formalities are more?
3. This year, i have not generated any income, except the losses as per point no:1 above, in my wife's trading acc with Geojit. Do i need to file IT returns for AY 2009-10? I have refunds to claim from IT dept for the AYs 2008-09 and 2007-08
4. What is the type of IT Form we shld use if I have speculative (intraday) as well as positional profit or losses, for filing IT returns in AY 2009-10?
Would be great if u can clarify each point...thanx a lot in advance
U are doing wonderful job...keep it up and thanx
My queries are
1. I intend to do intraday as well as swing, pos and LT delivery based trading in Cash and F&O. Iam a full time trader and I dont have any other income. The trading acc is with my wife who is working in a public sector. I have incurred losses in delivery based trading as well as intraday trading. How do we account for these since, trading is a prohibited activity as per my wife's employment contract goes. But the trading activity has been carried out by me and not by my wife. I fear to show these losses in her returns fearing that this may lead to other complications in her job. How do i claim these losses or how to carryforward these losses? These are done using my money though.
2. Now that i have realised point no:1, I intend to open a trading account in my name in Ventura or Geojit, suggest me how to open this account, interms of claiming other expenses such as telephone, bradband, STT, service tax, purchase of books, other incidentals etc. Will individual trading acc suffice or u want me to open a proprietary trading acc for which the formalities are more?
3. This year, i have not generated any income, except the losses as per point no:1 above, in my wife's trading acc with Geojit. Do i need to file IT returns for AY 2009-10? I have refunds to claim from IT dept for the AYs 2008-09 and 2007-08
4. What is the type of IT Form we shld use if I have speculative (intraday) as well as positional profit or losses, for filing IT returns in AY 2009-10?
Would be great if u can clarify each point...thanx a lot in advance