P Pathak (Taxpayer) (22 Points)
29 July 2022Can 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.
Kumar Thakkar
(37 Points)
Replied 11 July 2023
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?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161007 Points)
Replied 11 July 2023
File ITR 3 with these data, Check schedule CYLA.... It will get adjusted.
Kumar Thakkar
(37 Points)
Replied 11 July 2023
Okay Thankyou
So I can set off STCG with FnO losses by entries both data in captial gain schedule right?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161007 Points)
Replied 12 July 2023
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...
Bharat Shahane
(Mr)
(22 Points)
Replied 05 March 2024
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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161007 Points)
Replied 01 May 2024
1. Not eligible.
2. Yes it will get adjusted in Schedule CYLA
3. (a) Yes.
3. (b) Yes, Fill details in 'Schedule 112A'
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