Sett off and carry forward losses

This query is : Resolved

Report Abuse Follow Query Ask a Query

Deepak Garg

Deepak Garg (Querist)
Follow

29 January 2014 anyone plzzz tell the order of set off in case of speculative transactions..

Samarth Garg

Samarth Garg (Expert)
Follow

29 January 2014 Speculative Transaction can only be set off from the loss/ gain arising from speculative transaction only.

Gayathri Devi

Gayathri Devi (Expert)
Follow

29 January 2014 In case of speculation loss it can be adjusted against only in speculation income. loss can be carried forward only for four years

Upgrade to CAclubindia Pro. Subscribe Now!

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

30 January 2014 There is no order of set off for speculative transaction losses as the loss from speculation can only be adjusted against speculation profit and it cannot be adjusted from any other profit made by you. This can be adjusted in 8 years from the year of loss till it is adjusted and in case there is no speculation profit in the next 8 years then this loss cannot be adjusted and no benefit of carry forward is allowed.