Comment on Classifying Your Market Activity

Rukmini Kandiraju commented on 03 Jun 2018, 04:00 PM

Dear Nithin,
Nice to go through your articles. I have been an investor for the last 3 years in equity shares and MFs. I filed ITRs2 myself successfully for all these years as an investor only. In the current FY 2018-19 i made 6 transactions in F&O for the first (and last time as well) and incurred loss of Rs 32000. The tun over of F&O is only Rs 38000. Besides this I have FD inerest income and STCGs also. My query is can I continue with ITR2 taking F&O loss as speculative Or Should I file ITR3 taking F&O loss as non-speculative. Considering small and one time activity whether Tax Audit is compulsory in this case? I dont intend to make good the loss or claim any expenses since I am not a trader. My net taxable income is Rs 200000 after section 80C deduction and first level of Rs250000 exemption limit. Please clarify.
I have seen several write ups but yours are very straight and clear.
Thank you.

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