Quicko issue: STCG set off against non-speculative business income

Taxation
1

Dear @Quicko

I need your opinion here. I’m filing my tax using quicko. I noticed that my capital gain is being set off by my non speculative business loss. This is not allowed by the income tax rules. Please check on this asap. I have a short term capital gain on silver etf which I should ideally add to my income and taxed as per income slab. But quicko is setting that off with my non speculative loss. This cannot be done right

I really love your platform but please help me with this issue. Please anyone from @Quicko please respond here.

@nithin @Quicko

2

Quicko is right. It can be set off against non-speculative business (F&O). You cannot set off against speculative business (intraday loss)

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3

Stcg cannot be setoff against non speculative business income

4

Who told you? You can set off non speculative business income loss against all inccomes except the salary income…

5

You can refer to the below cleartax set-off rules

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6

Check the income tax website and not some random website. Its explicitly written that capital gain is coming under a different head and cannot be set off with non speculative business income

7

In the screenshot you shared, non speculative business loss is not allowed to setoff with capital gain. Please tell me if I’m missing something here. Or am I reading this wrong

8

Gain is on Y axis and Loss is on X axis.

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9

Can you point the ITR site reference? Cleartax is no random site. You can refer to any other tax filing website.

You can also check the same with any AI.

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10

Please read it correctly, X axis = Losses and Y axis = Gains

11

Are you referring to the brought forward non-speculative business loss from the previous year? You may be confusing it with the rules for setting off brought forward losses .

A brought forward non-speculative business loss can be set off only against business income in a subsequent year. It cannot be set off against capital gains, house property, other sources, or salary.

However, a current year’s non-speculative business loss can be set off against income under any other head except salary , subject to the provisions of the Income-tax Act.