[aglvikas]

Sir,

This is vikas agrawal, I had losses in future & options, I had many other income sources. So I want to setoff my losses,
I want to know from which income my future & options losses can be setoff, and for how many years I can carry these losses.
I'm writing my other incomes

1) salary from my partnership firm , I'm one of the partner
2) income from tution
3) gift excedding exempted limit
4) income from interest from saving acount,NSC,Infrastructure Bond.
5) future and option gain


Please inform me from which of the above mentioned source(s) or any other source of income my losses can be setoff.

[MukatA]

Are you taking about the U.S. taxes? In the U.S.:
If you have a net capital loss in a year, then you can deduct only $3,000 against your ordinary income and carry forward the remaining loss to the next year.

About gift exceeding exemption limit? What is this? Any gift of whatever amount you receive, you (the receiver) does not pay any gift tax.