Sir, I have F&O loss of 10 lakh, short term profit of 10 lakh and long term profit of 20 lakh, can I adjust F&O loss in long term, or I will have to carry forward.

Ans: the F&O loss of 10 lakh can only be adjusted against any F&O gains you may have. It cannot be set off against your long-term gain of 20 lakh or short-term gain of 15 lakh.

Ans: Hello, F&O loss is a part of your business loss which can only be set off against your business / professional income and not against your long term gain

Ans: Dear Sanjiv,

Based on the information available, it appears that you can indeed adjust your Long Term Capital (LTC) loss against LTC gains in the same financial year.

In your case, the LTC loss of Rs. 3.5 Lacs from the sale of a flat can be adjusted against the LTC gain of Rs. 4 Lacs from the redemption of equity shares and mutual funds. This leaves you with a balance LTC gain of Rs. 50,000.

As per the Income Tax Act, LTC gains up to Rs. 1 Lac are exempt from tax. Therefore, your balance LTC gain of Rs. 50,000 should be exempt.

Regarding the limit of LTC loss adjustment, there doesn't appear to be a specific limit of Rs. 2 Lacs for adjusting LTC loss against LTC gains. However, any unadjusted LTC loss can be carried forward to subsequent years and set off against future LTC gains.

Please note that this is a general interpretation based on the available information. For a more accurate understanding of your tax liability, I would recommend consulting with a tax professional or a chartered accountant who can provide advice based on a comprehensive understanding of your financial situation.

I hope this helps!