Short tem loss in stocks

POSTED BY Kirubakaran ON January 4, 2012 7:29 pm COMMENTS (2)

Hi

I had a short term loss of Rs.10000 in the current financial Year. But in my company’s internal website which is for employees tax deduction there are so many fields but I can’t find the short term loss in stock.
Am I eligible for Rs.10000 tax deduction from my salary or can you please explain it about?

Thanks,
Kiruba

2 replies on this article “Short tem loss in stocks”

  1. Dear Kirubakaran, Sorry to inform you but you can’t adjust your STCL from shares against your salary income. It’s not possible as per income tax act. You may adjust these STCL against STCG or LTCG. if in current FY there are no STCg or LTCG to adjust, you may carry forward these STCL to next 8Y & may adjust in future. You have to do it while filing your Income Ta Return for FY 2011-2012.

    thanks

    Ashal

  2. Most company intranet sites will not capture such losses, unfortunately. Hardluck, but you will have to get a refund later. I know thats kinda not something you like to hear but if you have a system in the company the finance dept would not let you do any workaround. Firms where manual book keeping happens would still let you declare this loss.

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