Adjustment of F&O Loss with Commodity income

[Asked by Guest]

we can adjust the F&O Loas with Commodity income

[Surender Gupta]

Chapter VI - B of the Income Tax Act, provides the provisions for interhead and intrahead adjustment of losses. According to the nature of loss you have to make a decision.

AI Summary

Adjustment of F&O loss: classification as business or other source determines set off against commodity income under Chapter VI B.
Adjustment of F&O losses against commodity income depends on the legal character of the loss and the loss setoff framework under Chapter VI B; classify the F&O loss as business or other source and then apply the relevant interhead or intrahead adjustment provisions.