Hi,
I have an income of lets say 5L from NCDs. It is being considered as "Income from other sources" .
I also have FNO loss, say 2L Non-spculative business income.
Can I set off losses against my income of NCDs and say my taxable income is 3L?
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Setting off income with other losses
Replies (1)
F&O losses (Non-spculative) 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.
So, In your case you can adjust the FNO loss of Rs.2 lakhs with income from other sources and your taxable income becomes 3 lakhs
So, In your case you can adjust the FNO loss of Rs.2 lakhs with income from other sources and your taxable income becomes 3 lakhs
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