Set Off
This query is : Resolved
Rajesh Goyal
(Querist)
25 November 2009
Dear Experts,
An assessee is having Future and Options business loss of Rs. 20 lacs and capital gain worth Rs. 10 lacs.
Can such business loss be set off against capital gains...????
An assessee is having Future and Options business loss of Rs. 20 lacs and capital gain worth Rs. 10 lacs.
Can such business loss be set off against capital gains...????
C.A.Amitabh Gupta
(Expert)
25 November 2009
The loss from Futures & Options ( Derivative trading ) business is not a speculation business but and a regular business as per section 43(5) w.e.f AY 06-07. Hence Loss from it can be set-off from Capital Gain as per proviso of section 71
rgds/
CA AMitabh Gupta
Indore
09893276187
rgds/
CA AMitabh Gupta
Indore
09893276187
25 November 2009
agree
Juzer Sadikot
(Expert)
25 November 2009
Dear Mr. Rajesh,
Setoff would be allowed only incase the loss is incurred on transactions of Derrivate (F&O) value of which are derrieved from underlying Securities.
Loss from transaction of Future in MCX shall be considered as Speculative and shall not be allowed to offset only agains speculative gain.
Regards
Juzer
Setoff would be allowed only incase the loss is incurred on transactions of Derrivate (F&O) value of which are derrieved from underlying Securities.
Loss from transaction of Future in MCX shall be considered as Speculative and shall not be allowed to offset only agains speculative gain.
Regards
Juzer
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
