Can a Business Loss in Futures and Options (F&O) in a year be adjusted against Short Term Capital Gains (STCG) during the year. For example, F&O loss is Rs. 2 lakh and STCG on shares is Rs. 1 lakh during the year, so can Rs.1 lakh gain can be set set off against Rs.2 lakh loss and the income during the year is NIL and the remaining F&O loss is carried forward to subsequent years.
Many thanks in advance for your response.
Kind regards.
Yes, eligible.
Hi , my situation also same , Is this still eligible after chnage in some rules?
I have 70,0000 stcg gain from equity and 1,10,000 loss in FnO
So can I set off fno loss in stcg and carr forward net 40,000 loss in above case in stcg?
File ITR 3 with these data, Check schedule CYLA.... It will get adjusted.
Okay Thankyou
So I can set off STCG with FnO losses by entries both data in captial gain schedule right?
No. STCG will be from Schedule CG; while loss from F&O will be under Schedule P&L.
Both will get adjusted in Schedule CYLA...
Ok Thank you so much.
My Pleasure.
Sir,
A few related questions, please:
1. Can STCL be set off against F&O gains?
2. Can F&O losses be set off against LTCG in Mutual Funds?
3. Is it possible to submit ITR thus:
(a) F&O loss/gain is filed as business income to be taxed as per slab. And,
(b) LTCG in ELSS Mutual Funds and sale of equity holdings held for >1yr as LTCG to be taxed at 10%?
Your advice will be much appreciated.
Bharat
1. Not eligible.
2. Yes it will get adjusted in Schedule CYLA
3. (a) Yes.
3. (b) Yes, Fill details in 'Schedule 112A'
If my carry forward F&O losses are 15 lakhs and current year STCG from equity cash is 5 lakhs, can the STCG be set off against carry forward losses? So, the taxation can be nil and net CF losses would be 10 lakhs..is it correct?
No. Bought forward business losses can be set off with current year business profits only, and not from STCG.
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