Comment on Taxation for Investors

raman.anantha commented on 02 Mar 2016, 04:34 PM

Hi Nithin,
I have a query regarding investments under 80C for non speculative income (I trade only Nifty Futures). Trading is the only source of income for me.
Last FY (2014 – 2015) I had shown a loss in my ITR of 6 lakhs (ITR was filed before due date). I know that if this FY (2015 – 2016), I show a gain of 4 lakhs, this will be offset with the 6 lakhs loss last year (I don’t have to pay any tax this year) and I will carry forward a loss of 2 lakhs for next year. My query is if I show investment of 1.5 lakhs under 80C this FY, will my income for this FY become 2.5 Lakhs (4 – 1.5 = 2.5) so that I can carry forward a loss of 3.5 lakhs for next FY (6 – 2.5 = 3.5)? or will 80C come into affect only after I have cleared my losses and show gains?
Kindly help.

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