Comment on Taxation Simplified

Nithin Kamath commented on 20 Jul 2013, 04:45 PM

Reena,

Firstly, I need to know if you are trading in your account or your husband’s account?

Assuming you are trading in your husband’s account,

Firstly, if you make a loss trading, this cannot be used to set off against salary income of your husband. If your husband tomorrow makes any business/trading profit at that time you can set this off. But to do this in the future, you need to declare your trading losses while filing your returns this year

Secondly, if tomorrow you make profit of 2lks after showing all expenses that you incurred for trading and if your husbands taxable income is 1.5lks, then he will have to pay taxes on the 3.5lks.

Nothin can be used as tax free, because your husband is on salary.

Cheers,

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