Quitting Job for a break

[Devraj_999]

Hello Friends,
I am planning to take a break from the job for some reason, but planning to do trading.
Just curious, if half of the financial year I have income from the job and remaining from trading, how the taxation would be? Also, can I still use my losses for saving tax?
Or else is it advisable to do trading in the name of spouse instead?

Thanks,
Kindly advise.

[Meher_Smaran]

@Devraj_999

Just curious, if half of the financial year I have income from the job and remaining from trading, how the taxation would be? Also, can I still use my losses for saving tax?

Yes, you can use your past losses to set off your gains. Only the ITR changes. you can use ITR-3 to file your returns.

@Devraj_999

Or else is it advisable to do trading in the name of spouse instead?

In my view, you can offset your losses first in your own account and also build your income base and only then look for other options to save taxes in case it is needed

[Devraj_999]

Thank you, appreciate your time and efforts.

[kumar_learner]

@Devraj_999

I am planning to take a break from the job for some reason, but planning to do trading.

don’t quit, let them fire you. relax in office, get free salary till they remove you.

[niftymonk]

@kumar_learner

don’t quit, let them fire you. relax in office, get free salary till they remove you.

Sounds like a bad idea.