Set off of loss under other head
Querist : Anonymous
my trading account n i have salary income also. can i adjust such loss from income from salary ? if no what is the tax treatment.
Querist : Anonymous
If it is speculation loss, it shall come under the head Income from Business or Profession.
Loss under the head income from business CANNOT be set off against salary income.
Further, Section 71 provides that loss under the head Capital Gain CANNOT be set off against income from any head.
So, long term or short term (section 111A or other) loss under the head capital gain CANNOT be set off against any income.
Querist : Anonymous
Next year if you have income under the head Capital Gain, this loss will be set off from such income.
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