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Expert advice

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Akash Gupta

118 Points Posted on 30 April 2020

I have loss on (f/o)trading non -speculative loss of Rs 2,80,000
and
1.speculative profit Rs 2,110

2.short term profit on shares Rs 25000

3.salary income 450000

4.capital gain on property selling

Rs 20lakh
5 bank interest on s/a
Rs 51000
how I set off non speculative loss and with whom?????

Replies (14)

Quick Summary

This discussion addresses how to set off a non-speculative loss of Rs 2,80,000 from F&O trading against other income sources. Expert advice clarifies that non-speculative losses can be offset against speculative profits, short-term share profits, and capital gains from property. However, losses cannot be adjusted against salary income. The discussion also touches upon audit requirements for F&O trading, noting it's compulsory if turnover exceeds Rs 1 crore, but also potentially applicable under Section 44AD even with lower turnover if losses are significant.

Kiran Hathalia

460 Points Posted on 30 April 2020

Is it a current year's loss or carried forward?

Akash Gupta

118 Points Posted on 30 April 2020

Current

sanjith kotni

Articled assistant

392 Points Posted on 30 April 2020

Your speculatice loss can be carry forwardable upto 4 subsequent assessment years and can be set of against only speculative losses

Akash Gupta

118 Points Posted on 30 April 2020

Sir this is Non-speculative loss

sanjith kotni

Articled assistant

392 Points Posted on 30 April 2020

Oh sorry.

non speculative losses can be adjusted against speculative profit -2110, short term profit on shares and balance against capital gain on sale of property.

Note -You cannot adjust any losses other than loss from house property against salaries .So you need to pay tax on salaries and balance income arrived after set off.