Loss in F & O

I am a salarised person. I have lost three lakhs in f&o in the year jannuary 2008.I want to how can i file my income tax return showing loss and want to know wheather set off of loss will given in this current year or not.In other words I want to know if I earn a profit three lakhs in the current year then three lakhs will adjusted because of accomulated loss of last financial year.thanks.

Dear, if u had filed ur IT Return for the Prev. FY (2007-2008) on or before 31st of July 2008, u may claim sat off ur losses of ur F&O transactions booked in Jan. 2008.

From ur query, it seems, u have missed the deadline of return filing. I’m afraid, my dear friend, ur Assessing officer may deny to carry over ur prev. years’ losses.

Anyway file ur returns right now & hope ur assessing officer accepts ur reason of delayed filing (if it’s a valid one).

Thanks

Ashal…

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