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Can speculation loss be set off against non-speculation ?

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 February 2010 Dear Sir,

Can Speculation business loss from F&O and put & call option be set off against regular business income of the assessee?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 February 2010 No
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CA Prashant Gupta

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CA Prashant Gupta (Expert)
05 February 2010 Speculation loss can be set off only against speculation income and it can be carried forward for 4 years.
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