Hello Mariya,
No, you cannot set off Capital Loss against salary income. Capital losses can only be set off against other capital losses.
You can carry forward the other capital loss up to the next 8 financial years - to set off against future capital gains.
Hope this helps!
how to adjust stcg in basic exemption limit
no income apart from stcg
Hi @samyakjain,
In case there is no income other income to set off the capital gains losses, you can carry them forward to the next 8 years and set off against the future income.
Hereās an article to help you understand set off and carry forward losses in detail:
I have Future Loss (-6680) & Intraday profit 1600. How to show in ITR3
Hi @Amar_Vartak, F&O is treated as non-speculative business activity and Intraday trades are classified as speculative business activity. You can set-off non-speculative losses (F&O) against speculative profits (Intraday) when filing your ITR. You can also carry forward the balance to the next financial year.
When filing your taxes through Quicko, you can directly import your trades using your broker login and we take care of its tax treatment.
Hi,
I have 5lac of F&O loss last year and had filed it in the ITR. This year i have a profit of 2lacs in F&O. How will this be set-off. Will this be a complete reduction of 2lacs or some portion?
Hey @Sameer_Sahni
The entire profit of 2 lacs will set-off against previous yearās loss.
Further, loss of 3 lacs will be carried forward for the next 7 years.
Hope this helps. 
Yes that helpsā¦Also, i have 1lacs of Long term gains(unrealised) and 50k of Short term(unrealised gain). If i book all, all profit gets offsetted by loss and my carry forward loss reduces to 1.5lac. Am i right?
Loss from F&O is called non-speculative loss and can be set-off only against Speculative Income (Intraday) or Non-Speculative Income(F&O).
So, you cannot offset STCG and LTCG against Non-Speculative Loss.
You can read more here: Set Off and Carry Forward of Losses under Income Tax - Learn by Quicko
Thanks @vinith.r
One more query,
Starting this year i also have an home loan with an interest rebate of -2lac.
Will this offset my 2lac profit for the year? (Since this current the situation is
keeping my carry forward non-speculative losses to 5lacs only.
Hi @Sameer_Sahni, yes it will offset your 2 Lac profit of non-speculative income against house property loss of Rs 2 Lac.
Also, non speculative loss of Rs. 5 lac of previous year can be carry forwarded.
Given that remuneration taken from LLP is treated as business income, does it mean that a person can offset loss form derivatives trading with remuneration taken as a partner of LLP?
Hello,
Partner Remuneration is treated as a business income in the hands of the partner. Loss from derivatives trading is a non-speculative business loss. Non-Speculative Loss can be set off in the current year against any income except Salary. Thus, it can be set off against remuneration income. The remaining loss can be carried forward for 8 years. You can read more about set-off and carry forward of loss here.
Hiā¦how to file losses from FNO in new itr 3 (p&L) for ay 2021-22
FY 2020-21
I have not opted for presumptive taxation. I have F&O loss. My total income excluding F&O loss is more than basic exemption limit. But, my turnover from F&O is not above 1 crore rupees (since all transactions are in non-cash mode, the limit is 5 crore rupees). Is tax audit applicable to me?
Continuing the above situation, what if my total income exclusing F&O loss is less than basic exemption limit?
Hi,
I needed some clarity on taxes on F&O trading. I have a loss of around 5 Lacs in F&O and a gain of 3 Lacs from short term equity. I wanted to know if I can offset the 5 Lacs loss with 3 Lacs gain from equity? Will I need to pay 15% tax on short term gain or it can be offset with loss from F&O.
I also want to know do I need a tax audit if I want to carry forward the net loss of 2 Lacs.
If anyone can suggest me what is the applied case here and guide me which plan to opt on quicko for filing my return with this scenario, it will be really good.
Thank You
Now the option under ITR 3 is not allowing to enter negative number under business head in no books caseā¦
Hi @NotAtAllSatwik,
In case the profit is below 6% of the turnover, and turnover below the threshold and total taxable income less than the basic exemption limit - tax audit it not applicable.
Hi @himanshukoli,
You can set off F&O loss against capital gains.
You can carry forward the loss when filing your ITR
Hope this helps
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