F&o loss setoff
This query is : Resolved
21 August 2015
I have income from salary, bank interest and I have a loss in F&O and no capital gains.
I am in 20% tax bracket.
Can I setoff my F&O loss against income from bank interest without audit ?
I am in 20% tax bracket.
Can I setoff my F&O loss against income from bank interest without audit ?
21 August 2015
yes it can be set off against interest income but not against salary income.
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22 August 2015
Thank you Sir.
Just to confirm - do I need to undertake an audit to setoff my losses or I can setoff without an audit ?
Just to confirm - do I need to undertake an audit to setoff my losses or I can setoff without an audit ?
22 August 2015
If your total income including salary exceeds basic exemption limit then audit is required.
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