Set off loss
This query is : Resolved
12 March 2016
One of our assesse getting Business Income as Interest on Capital and Partner Salary from a Firm in which he is a Partner amounting to Rs.10,00,000/-. During the same financial year, he incurred loss from Derivative Business (Future & Option of Shares) done through Recognized Stock Exchange amounting to Rs.15,00,000/-. Whether this Business Loss can be set off against the Business Income of Interest on Capital and Partner Salary from a Partnership Firm
12 March 2016
Set off is permitted since loss from derivative is considered as not a speculative loss by virtue of proviso (d) to section 43(5).
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