Profit related to Shares

Submitted by bsakula on Fri, 07/24/2009 - 22:50

Hi All,

 I bought shares in the last financial year and the transactional value total (including purchases and selling) are around:

13.27 lakhs and few shares are with me as of today and the profit I earned during that time for which I sold is around 10K and later I incurred some loses. Is it mandatory to include this profit in the file returns, even I incurred loses later.
Bhargava.

‹ Change in Gift Tax law w.e.f. october 1st 2009 ITR-V Form Problem ›

all kinds of profit or loss

Submitted by raj.sued on Fri, 08/21/2009 - 00:44.

all kinds of profit or loss should be reported. if you donot report any profit or loss then the tax returns are not accurate and if discovered later, penalties might be levied.

so irrespective of whether you have incurred loss or profit, the details should be mentioned in return