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Non-speculation


ANUJ BATRA   04 August 2020

ANUJ BATRA

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Can we setoff losses in case of futures and option?? If yes then under which head??

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Sagar Patel (Tax and Business Consultant)     04 August 2020

Sagar Patel
Tax and Business Consultant 
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If you are dealing in F&O as trader and offered profit/ loss under business head (non speculative) than F&O losses can be set off against other incomes (except salary) in the financial year in which the loss was incurred. However, if this loss is carried forward to future years, it can only be set-off against business income of that year.

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ANUJ BATRA   05 August 2020

ANUJ BATRA

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Having short term capital gain

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Sagar Patel (Tax and Business Consultant)     05 August 2020

Sagar Patel
Tax and Business Consultant 
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Loss from F&O trading is treated as non-speculative business loss subject to fulfillment of conditions laid down in Section 43(5) of the IT Act.
Non-speculative business loss can be set off against any income other than salaries. So it can be set off against bank interest income, rental income, capital gains, all income except salary income.
So, if you have a short term capital gain than you can adjust that STCG with F&O business loss.

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ANUJ BATRA   05 August 2020

ANUJ BATRA

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Thank you sagar

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Sagar Patel (Tax and Business Consultant)     05 August 2020

Sagar Patel
Tax and Business Consultant 
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You are most welcome..........Mr. Anuj ji

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