B/f business loss
This query is : Resolved
21 December 2012
how can we treat profit on sale of commercial property on which depreciation has been claimed in earlier years. Can this profit be set off against brought forward business losses. If so, please quote case law if any and under which section the same can be set off.
Thanks
SURESH
Thanks
SURESH
21 December 2012
Any profit arrise from the sale of any fixed assets use in business of an assess is treated as short term capital gain.
Any B/f business loss only allow to adjust with the same head i:e agt any profit from Non Speculative Business and carry forward upto 8 years only.
if its a Business loss arrise in same A.Y then it could be adjust with any other head except Salary Income.
Any B/f business loss only allow to adjust with the same head i:e agt any profit from Non Speculative Business and carry forward upto 8 years only.
if its a Business loss arrise in same A.Y then it could be adjust with any other head except Salary Income.
24 December 2012
Thanks Mohit
Could you please be more explanatory about the short term capital gain can be adjusted against ealier business losses.
Could you please be more explanatory about the short term capital gain can be adjusted against ealier business losses.
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