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135 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?????
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On 30 April 2020 at 18:00 Report
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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.

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837 Points Posted on 30 April 2020
Is it a current year's loss or carried forward?
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On 30 April 2020 at 18:08
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135 Points Posted on 30 April 2020
Current
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On 30 April 2020 at 18:16
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Articled assistant
663 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
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On 30 April 2020 at 18:51
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135 Points Posted on 30 April 2020
Sir this is Non-speculative loss
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On 30 April 2020 at 18:57
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Articled assistant
663 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.
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On 30 April 2020 at 19:05
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837 Points Posted on 30 April 2020
Business loss other that speculative business of the current year can be set off against any income other than salary income. However, in case of carry forward of business loss, it can be set off only against business incomes.
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On 30 April 2020 at 19:05
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135 Points Posted on 30 April 2020
Thnk u
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On 30 April 2020 at 19:58
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837 Points Posted on 30 April 2020
Welcome
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On 30 April 2020 at 21:47
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self employed
377 Points Posted on 01 May 2020
How to deal with off market transactions in e compliance
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On 01 May 2020 at 22:35
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135 Points Posted on 07 May 2020
For non speculative loss means (loss in f/o trading) Rs280000
audit. is compulsory?????
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On 07 May 2020 at 21:49
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PRACTICING CHARTERED ACCOUNTANT
37 Points Posted on 07 May 2020

If turnover exceeds Rs. one crore then audit is compulsory.

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On 07 May 2020 at 22:05
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135 Points Posted on 07 May 2020
Sir turn over is not exceeds 1crore, but loss in f/o trading, loss means less than 6per.. income, that's why my question is audit is compulsory
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On 07 May 2020 at 22:35
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PRACTICING CHARTERED ACCOUNTANT
37 Points Posted on 07 May 2020
Yes u/s 44AD
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On 07 May 2020 at 22:37
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135 Points Posted on 07 May 2020
Any other option?????
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On 07 May 2020 at 22:49

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