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set off & carry forward of losses
Can a individual having business losses from trading in Futures & options be set off against partnership share of reply. ????
Replies (3)
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
This law I know . But can I set off against share of profit from partnership firm which is exempt in hands of individual .
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
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