Hi,
I apologize if my question seems repeated.I did go through other queries and still couldn’t figure it out by myself.I hope you don’t mind and help me figure this out.
In the initial years of my trading, I incurred losses in F&O trading.
I’ve declared that in my ITR and filed it b4 due date.
Since the losses, I gave up F&O trading and now I am purely concentrating on holding shares for at the least 1 year before selling it off.
Now I was wondering if the gains from my shares (LTCG) can offset the the F&O losses of my initial years,partly or completely, over the coming years,as I plan to carry forward the F&O losses until it is 0 or the max no of years have passed…(8 years,i think so).
My doubt arose because at one place I saw that F&O losses can be set-off against any income other than salary and in another place, that they can be set-off against F&O gains or equity intraday gains only.
I would be grateful if you could point me in the right direction.
Thank you for your time.