Tax calculation on F&O losses


I have a question regarding the tax benefit on my F&O losses.

I am salaried professional and trading in F&O and Equities.

Can I claim my losses in F&O when I file ITR?

​If yes how the calculation works?

For example my annual taxable income is 10 Lakhs and my F&O loss is 1 Lakh and Equity loss is 1 Lakh.

Can any one please guide me…

You can't set off the trading losses with your salary income. You can set it off only against any "Other income of yours". Profits from selling real estate or any other such business deal. 

When you declare this loss, you can carry forward this for 8 years, so you can net off your 2 lks in losses anytime during this period. 

Check this post. 

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Agree with Nithin.

To be clear, you can only set off this loss for next Financial Year. For current Financial Year, you need to declare these losses and you will be able to set off (cancel any profits) in next year. Since you have incurred losses, you may need a CA audit for your financial statements too.Someone correct me if this is wrong.

Please read the detailed blog on Zconnect under Taxation.

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