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Futures and Option Loss

Tax queries 1852 views 2 replies

Satish

CA Final Student

479 Points Joined September 2008

Dear Professionals,

Can the loss in F & O be set off against profits of any other business or profession ?

Please reply with reference to any Circular / Notification / Clarification in this regard.

Thanks.

Replies (2)

Derivative Loss is business loss by virtue of amendment to section 43(5) of the I T Act. Section 43(5) of the I T Act defines “ Speculative Transaction” and “transactions in Futures & options “ carried out through BSE and NSE are now business loss. So loss in F & O can be set off against profits of any other business or profession