Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

set off & carry forward of losses

25 July 2018

Can a individual having business losses from trading in Futures & options be set off against partnership share of reply. ????

Reply
Follow
Share

3 Replies

Sarath Rajendran (Nil) (2791 Points)
Replied 25 July 2018

Non speculative losses, such as F&O loss, are allowed to be set off from income from other heads (except salary) in the year in which they are incurred. If any lossremains unadjusted it can be carried forward to 8 succeeding years

Pratik Bajoria (23 Points)
Replied 25 July 2018

This law I know . But can I set off against share of profit from partnership firm which is exempt in hands of individual .

rama krishnan (12244 Points)
Replied 25 July 2018

why do you set off your business loss against exempted income while you have the option to carry forward the same to 8 succeeding a.ys and set off the same, if you have profit from business? only you will be in loss by doing so

1 Like