Hello sir,
Can we setoff business loss against speculationn profit?
F & O profit /loss is non speculative profit/loss?
If yes if i had treated F& O loss as speculative loss in AY 2008-09 ,is it adivisable to revise the return & treat it as business loss?
Hello sir,
Yes, business losses can be setoff against the speculation profits...
Yes F&O is non speculative business.
You should revise the return upto 31st march 2010, otherwise this loss cant be setoff against the regular business income in the next year and also can be carried forwrd for 4 years only.
Hello Sir,
Can we set off brought forward business loss against current year's speculation profit?
Yes sir it is possible u can go for it but reverse is not possible.......
CAclubindia
