l Can I set off long-term capital gains with losses incurred in futures and options?—Rahul Kumar

As per Section 43(5) of the Act, trading in Futures and Options (F&O) transactions are classified as non-speculative business transactions and any gain or loss from such transactions shall be taxable under the head ‘Profits and Gains of Business or Profession.’ Further, Section 71(2A) of the Act permits set-off of such business losses against income from any head other than “Salaries.” Accordingly, losses from F&O transactions can be set off against income from long-term capital gains.

l I am paying two rents, one in Delhi for myself and the other in Mumbai for my parents. Can I claim HRA on the rent paid by me for my dependent parents?—Lakshya Suri

Exemption in respect of House Rent Allow

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