F&O Loss...related

[Guest]

Hi,
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

[DR.MARIAPPAN GOVINDARAJAN]

Have you get clarification in this issue. If not please inform.

AI Summary

Capital gains reinvestment and set-off: can REC bond claim coexist with F&O business loss set-off against property gain? A taxpayer sold a residential site producing Long Term Capital Gain and reinvested part of the gain in REC capital gain bonds, seeking confirmation that the investment will secure the claimed tax benefit. The taxpayer also reports Futures & Options losses treated as business losses and asks whether those F&O losses can be set off against the remaining capital gain from the property sale, noting possible audit implications.