Issue regarding income adjustment

sri27862 (student) (28 Points)

27 September 2016

question-1 Can we adjust business loss against long term capital gain ( long term capital gain arised on account of sale of land and building).

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4 Replies

CA Raj Doshi (Practising CA) (8919 Points)
Replied 27 September 2016

Yes current year business loss can be set off against income from capital gains u/s 71

sumit (artical) (39 Points)
Replied 27 September 2016

Yes you can adjust business losses with Capital Gain,but business loss should not from speculation business.

Ramachandran (Senior Executive ) (106 Points)
Replied 27 September 2016

Speculative Business loss can be adjusted only against Speculative Business Gain
Non Speculative Business Loss can be adjusted against,

Loss under the head Profit or Gain on business or profession, cannot be set off against Salaries

VAIBHAV CHATURVEDI (CA ARTICLE) (143 Points)
Replied 27 September 2016

Yes, It can be set off

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