Is it possible to deduct stock market losses from my wage when submitting an ITR?


Depending on whether the transactions are of an investment nature or are carried out as a commercial activity, the income from stock market transactions might be taxed under the heading "Capital gains" or "Profits and gains of business and profession."

Whether the money is taxed as business income or capital gains depends on a number of criteria, including the average holding duration of the investments, the source of the funds, the volume of transactions, and the reason for making the investments.Only the facts of each case can be used to make a decision. Intraday transactions in shares are classified as speculative transactions, and any losses suffered on intraday trades can only be offset against any other speculative transaction, whether on commodities or shares.

This cannot be offset by income from your ordinary business operations. Any loss other than an intraday loss in shares can be offset against income from any other source save salary if the transaction is viewed as a business rather than an investment. If the transactions are classified as investments, any losses can only be deducted from capital gains and cannot be deducted from any other head.

As a result, any loss you incur from your share transaction during the current year under the headings "Capital gains" and "Profits and Gains of Business or Profession" cannot be offset against your pay income. Any loss under both headings that cannot be set off during the year is allowed to be carried forward and offset against the same head's income for the stipulated period.




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