Income from trading in futures and options i.e. F&O is a Non-Speculative Business Income while Income from equity intraday trading is a Speculative Business Income. As per the income tax rules to set-off loss, Non-Speculative Loss can be set-off against any income except Salary Income.
Thus, F&O Loss can be set off with Intraday Profit. The remaining F&O loss (Non-Speculative Loss) can be carried forward for 8 years. It can be set off against future Business Income only i.e. both Non-Speculative Profit and Speculative Profit.