I am new in trading world. And started trading just a year back and didn't know about tax much. So I have some queries, if you can answer me, it'd be really helpful for me.
I don't have any job or any business. I am just a student. And my father is salaried employee. So I took 5 lacs from him, which I used for trading in future segment.
Because of this, I am in doubt.
Do I need to show 5 lacs in my income tax filing as income from other source or not?
I have made some money around 1 lacs till now and my future turnover is around 11 lacs (Based on zerodha). So do I need to pay income tax on this 1 lacs income or this would be considered as my father's income and he need to pay income tax?
And I have some spent some money in trading workshops, internet bills etc., can I count them also when filing income tax?
I have loss around 1 lacs in my trading account and 2 lacs in profit. So net profit is 1 lacs. Can I carry forward my loss of 1 lacs in belated tax filing?
Thanks in advance.
I don't have any job or any business. I am just a student. And my father is salaried employee. So I took 5 lacs from him, which I used for trading in future segment.
Because of this, I am in doubt.
Do I need to show 5 lacs in my income tax filing as income from other source or not?
I have made some money around 1 lacs till now and my future turnover is around 11 lacs (Based on zerodha). So do I need to pay income tax on this 1 lacs income or this would be considered as my father's income and he need to pay income tax?
And I have some spent some money in trading workshops, internet bills etc., can I count them also when filing income tax?
I have loss around 1 lacs in my trading account and 2 lacs in profit. So net profit is 1 lacs. Can I carry forward my loss of 1 lacs in belated tax filing?
Thanks in advance.
You have made a loss of 1 lakh and a profit of 2 lakhs, both in FNO
So automatically the loss is adjusted against the profit.
You cannot isolate the profit and loss and you have to offset against each other if they are in the same category.
If there is any loss still left over, you can carry forward the same provided that you file your return within the due date