F&O Loss Setoff

Dear Sir,
I have sold some residential site and have Long Term Capital Gain on it. Part of the above Capital Gain, I have placed in REC CapGain Bonds. But, I l also have losses in Futures & Options Trading.

Can I do the following while filing my IT Return???
1) Claim tax benefit from my investment in REC CapGain Bonds
2) Set-off the F&O losses (treating as Business Loss) against remaining Gain from property sale …Any quick advice is appreciated, since I will perhaps have to get auditing done, if above is possible.

Thanks,
Nagaraja

nagarajaks Asked on September 6, 2017 in Taxations.
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1 Answer(s)

You can claim the benefit of Capital Gain bonds as per Govt Scheme.  On Loss from F & O is business loss , you can offset same against capital gain subject to audit requirements as profit be less than certain % of turnover.

TaxIQ Answered on September 7, 2017.
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