Comment on Tax loss harvesting

Lini commented on 07 Aug 2015, 07:03 PM

Sir,I fall under Case 1-

1)I traded F&O in year FY 2013-14 and my turnover as per Zerodha report is-

FY 2013-2014 (AY 2014-15)
My F&O gross profit was -2200rs
Future turnover was -11900rs

Bank FD=7lacs So, Interest I received is Rs 59500rs.
=Income Below 2 Lacs

2)Same Turnover was for FY 2014-15,
FY 2014-2015(AY 2015-16)
My F&O gross profit was -8500rs
Future turnover was -12300rs

Bank FD=8lacs So, Interest I received is Rs 72000rs.
=Income Below 2 Lacs

Sir,Few Queries here, please do reply in your free time-
1) For Bank FD I provided 15G form. Is it a good practice of providing 15G as I am doing F&O trading(not regular though)?

2) I don’t have any other income source,Do I need to file a return as the income is below 2 Lacs?

3) Will IT dept trouble me in future if I make a very good money from trading next year and they will ask for AY 2013-2014 return,AY 2014-15 return, AY 2015-2016 return?

Thnaks
Lini Deshpande

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