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

AI Summary

Individual Seeks Tax Advice on REC Bond Benefits and Setting Off F&O Losses Against Property Sale Gains An individual inquired about filing an income tax return after selling a residential site, resulting in a long-term capital gain. They invested part of this gain in REC Capital Gain Bonds and incurred losses in Futures & Options trading. They sought advice on claiming tax benefits from the bond investment and setting off the F&O losses as business losses against the remaining property sale gain. A respondent asked if the individual had received clarification on the issue, indicating the need for potential auditing if the proposed tax treatment is possible.