Losses in fno can be set off against rent income

[pradeep_kalra]

I have seen a cleartax article which listed that house rent income can be set off against losses from fno.
I want to know if I have made 5 lacs profit in fno and expenses of salary is 6 lacs then there will be a loss of 1 lacs. Would I still be able to set off this 1 lacs since net profit after deduction of expenses is in negative.
@Quicko

[San78]

@pradeep_kalra

I have seen a cleartax article which listed that house rent income can be set off against losses from fno.
I want to know if I have made 5 lacs profit in fno and expenses of salary is 6 lacs then there will be a loss of 1 lacs. Would I still be able to set off this 1 lacs since net profit after deduction of expenses is in negative.

Yes, you can set off loss of 1 Lacs with Rental Income.

[Quicko]

Hey @pradeep_kalra

Yes, you can set off losses from F&O against house rental income.

The expenses that you can claim against F&O should be related to trading. After claiming those expenses if there is a net loss, it will get set off against the other income that you have except salary income. Loss remaining after set-off can be carried forward to the next 8 years. You can carry forward this loss in both regimes

Set Off and Carry Forward Losses under Income Tax | Learn by Quicko

Difference Old Tax Regime vs New Tax Regime | Learn by Quicko

Hope this helps!

[pradeep_kalra]

Thanks. It was wonderfully explained.