Income tax calculation for financial year 2015-2016

Dear Sir,
I am salaried individual. I have got form 16 from my employer for the year 2015-2016.
During the year 2015-2016 I have sold my only house for 27 Lakhs which was bought in the year 2006 for 4.60 Lakhs.
I trade in share market and my loss in Future and option segment is around 2.63 Lakhs during the year. Also there is loss in intraday trading in cash segment of Rs.75000 during the year.
Please let me know if I can offset my F&O loss against property income.
Also let me know how to save taxes on property income. I am going to buy new home in current year but I have already spent around 12 lakhs in paying by debts (home loan and personal loan etc)
Also what is the process to file income tax for salary and income from other sources likey property and share trading mostly short term
Till now I use to submit ITR V as my only income was salary.
Asked 5 months ago in Income Tax from Thane, Maharashtra
You may pl call & come for consultation at our office in Thane

Rajesh Kabra
9322210419
Rajesh Kabra
CA, Thane
9 Answers
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Dear Sir,

Please find the response below:
1. If you are treating trading in f&O as business income than you can offset this loss with any other income except salary income. However, if you treat it as capital gain loss than you cannot set off this loss with any other income except capital gain.

2.You can invest capital gain amount in buying new house property.

3. Process is same but you have to select different from depending upon the response to question 1.

We can help you in filing your tax return.

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
761 Answers
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Dear Sir,

1. Yes you can set off your Short Term Capital loss against your Long Term Capital of Sale of Property.

2. You can also claim a deduction if you utilize the money to purchase a new residential property in a span of 2 years from the date of Sale. But in case you want to do the same you have to deposit the funds in a Long Term Capital Gain Saving Scheme before the due date of filing of return or else you wont be able to take this benefit.

3. You can either file ITR -2 or ITR - 4. Preferably use the services of a professional in order to get your returns filed for this year.

Trust this clarifies your query. 

Please feel free to call/ get back in case of any further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP 
Rohit R Sharma
CA, Mumbai
719 Answers
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Losses from business/profession can be set off against all income heads other than salary, whereas losses from a speculative activity or owning/maintaining race horses can be set off only against profits under the respective heads. The loss can be carried forward up to eight FYs and set off only against the income from business/profession.

In the present case F & o loss will be considered as Business loss and can be setoff against house property income
From next year the same can be setoff against business income only
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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one year before the transfer or 2 years after transfer you can invest in property.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Pl send us the correct details to guide you better. U can mail at modani005@gmail.com
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Dear Sir,

Time limit for investing is 1 year before the date of sale and 2 years after sale in case of purchase and 3 years after sale inc case of construction.

To avail exemption from capital gain, you need to put this money into CGDS account.

Thanks and Regards
CA Abhishek Dugar
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
761 Answers
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Hello Sir,

The Time limit for purchase is 1 year before the date of sale or 2 years after the date of sale.

No, you cannot keep the money in your savings account, you need to transfer the same into Capital Gain Account Scheme before the due date of filing returns i.e 31st July, or else you will be liable for tax.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
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  Talk to Rohit R Sharma

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