Futures and options trading loss

Yes except  against salary income.

1. As explained by our expert, sec 43(5), trading in futures and options were specifically excluded from speculative transaction and loss under this head would be carried forward and set off as a normal business loss. 
2. According to sec 71(2A) loss under the head, PGBP will be allowed to be set off against any income other the income under the head "Salaries". 
3. So in your case loss from F&O trading will be allowed to be set it off against any income other than salaries. 
Please correct me if the above solution has an alternative view.