Set Off
This query is : Resolved
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...????
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
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
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