Post by Apurva Chandra Sarkar

A man traded in the stock market using his wife’s demat account. He ended up losing Rs 1.95 crore. Then came the real twist. When he claimed this trading loss in his tax return, the tax department objected. Their argument: The trades happened in the wife’s account, so the husband cannot claim that loss in his own return. But the husband said the money was his, the trades were effectively done by him, and only the account used was in his wife’s name. The case went to ITAT Lucknow. And ITAT gave relief to the husband.