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Set off of business loss

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 February 2012 As Per Income Tax Act

Can we sett of Business loss against Speculative profit as i have read in books as example but i am not able to find any case law or any proper link towards my query can you help me.
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CA Punit

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CA Punit (Expert)
25 February 2012 Yes, set off available..
The law simply says:
Speculative loss can be set off only against speculative income, but, non-speculative loss can be set off against any income (except salary)
eg. set off of loss from Futures & Options against speculation income from shares
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
03 April 2012 The expert has correctly answered I agree with him and no extra comment is required.
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Querist : Anonymous

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Querist : Anonymous (Querist)
03 April 2012 Thank You sir..

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