Business and profession- c/f and setoff

Hi Friends,

Is the following Computation correct:

Income from salary:                        90,000

Income from Business or Profession:

Speculation Income : 55,000

Derivative Loss:        -1,15,000

                                   -60,000

B/f Spec. loss            -55,000         -1,15,000 (point here is setoff b/f spec loss against cy. spec income)

Income from Capital Gain                2,00,000

(short term 111A)

Income from Other sources               20,000

GTI                                                  1,95,000

                                      or

My opinion was that first u should setoff intra head cy. business income from all sources and then setoff brought forward loss.

and accordingly in the instant case the brought forward loss cannot be set off as net business income results into loss.

am i correct?