Shubham Agrawal, Senior Taxation Advisor, TaxFile.in replies, "You can only invest in PPF on behalf of your minor children to claim deduction under Section 80C. Your son is a major, so neither you nor your wife can claim the deduction after making the contribution. However, you can explore other investment options within Section 80C to save tax."
I lost Rs 2 lakh in an intra-day trade in equity around two years ago. Can I offset this loss against my salary? If yes, how should I do it?
Jayant R. Pai, CFP and Head of Marketing, PPFAS Mutual Fund says, "You can’t offset the two. Loss from such speculation, which is carried forward to a subsequent year, can only be set off against “speculative profit” in the subsequent year (and not against capital gains). Further, such losses can only be carried forward for four assessment years succeeding the year in which the loss was incurred. This is provided you mentioned the loss in your tax return filed that year."
Read More News on
(Your legal guide on estate planning, inheritance, will and more.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Read More News on
(Your legal guide on estate planning, inheritance, will and more.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.