Loss in F & O

September 2, 2008

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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Lump Sum Investment during Retirement

September 2, 2008

My uncle is around 65 yrs. Recently he has got a lump sum of Rs.2 lacs as arrears. Please suggest whether investing in land/FD/MF would be better.

If anyone would suggest a good financial planner it would be of great help.

Dear, As his age is already 65 or may be 65 in current FY. The zero Tax limit for him ‘ll be 2.25L Rs. Although not much data regarding his current income & investments is available, still for his age investment in Land is strict no-no.

Invest in bank FDs & MFs as per his liquidity requirement. Even under MFs, invest in FMPs, Bond funds & MIPs. Avoid Eq. funds for his age.

Thanks

Ashal