drk reddy
Tax Consultant
[ Scorecard : 29]
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Posted On 13 January 2010 at 19:46
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We got a doubt about setting off business loss against short term capital gain.
Sir, Can we setoff carry forward business loss (includes depreciation) against short term capital gain, which is as a result of depreciated business asset sale.
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LOVE ARORA
C.A. Student, B.Com (H)
[ Scorecard : 856]
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Posted On 13 January 2010 at 20:33
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yes......... you can................. but you can't set off short term capital loss against any other income except capital gains................whether short term/long term...........
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Amir 
Learner
[ Scorecard : 2704]
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Posted On 13 January 2010 at 21:13
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Dear DRK Reddy,
1) Brought forward Business losses CANNOT BE SETOFF AGAINST STCG......
2) Brought Forwad Unabsorbed Depreciatioan Can be set off against STCG.
3) Current Year Business Loss & Unabsorbed Dep Can be setoff against STCG.
Total thanks : 1 times
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Vaishali Bopardikar
article asisstent
[ Scorecard : 78]
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Posted On 13 January 2010 at 21:48
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yes amir is right...
b/f business loss can be setoff against business profit only.......
but b/f unabsorbed dep can be set off against STCG
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Hareesh H Sharma
IPCC
[ Scorecard : 863]
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Posted On 13 January 2010 at 22:07
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Yup Amir sir is right...i guess Love Arora missed the word carry forward biz loss in the ques
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ejaz naiyer
C.A. FINAL
[ Scorecard : 132]
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Posted On 14 January 2010 at 11:34
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Amir is right
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gaurang
student ca
[ Scorecard : 32]
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Posted On 28 January 2010 at 00:52
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aamir is right... carry fwd bs loss can se set off only frm business income
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C.Balaji
Student
[ Scorecard : 1231]
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Posted On 28 January 2010 at 10:11
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agree with Mr.Amir
Brought forward Business loss can only be set off against Business income - It cannot be set off against STCG
As rightly pointed out by Amir, Unabsorbed depreciation can be set off against STCG....
Current year Business loss can be setoff against any income except salary income.....
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