Dear Sir,
What is the Income Tax rule for speculative Profit/loss ...I mean is it possible to set off the loss from equities (short-term/bought/sold same day or within 10-15 days) against profit from Futures/options ?
Actually, I made a loss of 8 lacs in spectulation of equities whereas on the other hand I made profit of Rs. 5-6 lacs in futures/options , now the position is I am in net loss & want to carry-over the loss to next year, but my accountant says the loss from equity can not be set of against profit from futures......., I have to pay the tax on profit from F&O and may carry over the loss to next year.
Regards.
CAclubindia
