Can f&o loss be adjusted against profession income

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Sanket Lalwani (Querist)
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30 October 2015 F&O loss is non specualtive loss as per 43(5), so can it be adjusted against profession income, i guess yes but the trap is sec 44AD, where sec 44AD is not applicable to professionals...so that means i cant adjust the F&O loss in profession income ,,hence i have to report 8% of the turnover of F&O,,and F&O loss will be ignored is it correct?
What if i have HP income does that change my stance

eg:
HP income 1,00,000
F&O loss 90,000 turnover 2,60,000
Profession income 3,00,000

Hence according to me Total income would be
HP 1,00,000
F&O 44AD 8% 20800 (loss of 90000 to be ignored)
profession income 3,00,000

is it correct?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 October 2015 It is correct but if you opt for tax audit you can consider F&O loss.

Sanket Lalwani

Sanket Lalwani (Querist)
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30 October 2015 What if i also have a loss of intra-day in cash segment say suppose 50000, then also 44AD is applicable ? and if yes then turnover definition is same as F&O or different.?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 October 2015 Then also 44AD applicable. Turnover is total of profit and loss.

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