On the other hand it's no loss (5)
I believe the answer is:
again
'on the other hand' is the definition.
(I've seen this in another clue)
'it's no loss' is the wordplay.
'it's' becomes 'a' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'no loss' becomes 'gain' (I've seen this in other clues).
'a'+'gain'='AGAIN'
Can you help me to learn more?
(Other definitions for again that I've seen before include "Ocne more" , "Predictably perhaps" , "One more time, encore" , "repeat order" , "10 10 [AGAIN" .)