Hi Diosys
Have started reading your thread from the very begining but guess it would take some time so am writing to you for advice a bit earlier.
Myself and my wife both are deriving our incomes from salaries. I am in the highest tax bracket & my wife is in the lower tax bracket.
We have a combination of both incomes and losses from investing and trading. Details of the same are given below.
Would sincerely appreciate if you could advise us how to go about the same.
PS: - We do not have any long term/short term gains/losses from any other assets during the current year/previous financial year.
Income Structure - Self:
Main source of income - Salaries (highest tax bracket)
Loss from intraday trading - both cash scripts as well as derivatives - Nifty Futures.
Short Term Capital Gains - from shares (invested with the intention of making profits - so sold as and when made profits)
Other sources - interest from bank etc.
Income Structure - Wife:
Main source of income till date - Salaries (lower tax bracket) this would change in the future as she is interested to take up trading as a full time profession. Thus in future her only source of income/loss would be as a Trader/Investor.
Gains from intraday trading - cash scripts
Losses from intraday trading - derivatives - Nifty Futures.
Short Term Capital Losses - from shares (invested with the intention of making short term profits - but sold as stop losses got hit - positional trades)
Other sources - interest from bank etc.
Kindly advise how we should show the above in our respective returns to get the maximum benefits (either as a reduction of tax or as carry forward of losses). Also, can we in our individual returns claim any set offs of the losses against gains from common category - i.e. equities.
Lastly, what treatment needs to be given to STT paid through all the above transactions.
Thanks and Regards
Floyd