Set Off FNO Loss

This query is : Resolved

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You can indeed set off your Futures & Options (F&O) losses against short-term capital gains from selling equity shares in the same financial year. To claim this, you'll need to declare your F&O loss under the business income (PGBP) head. The recommended Income Tax Return (ITR) form for this scenario is ITR 3.

KK Sharma

KK Sharma (Querist)
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07 August 2024 Sir, have FNO loss of Rs. 2.60 lacs in FY 2023-24 and Short term capital gain on sale of Equity shares of Rs. 4.50 lacs.. Can my FNO loss be set off against above Short term capital gain for Income tax.. If Yes how can i claim, which ITR form to be filled up? Pls inform. Whatsapp 7018721306
KK Sharma

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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07 August 2024 Yes, Non-speculative losses, like those from F&O trades, can be offset against any other income head except salary income in the same financial year. This includes capital gains from stocks and mutual funds. So, you can set off your trading loss with the capital gains on stocks and mutual funds.
File ITR 3. Declare the F&O loss under business i.e. PGBP head.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 September 2024 Good Luck.

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