Can stcg set off business loss ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 June 2012
In a partnership firm, business loss incurs of Rs. 250000 & STCG arise of Rs. 290000 & this STCG arise due to sale of fixed assets whic are used for business purpose, Can we set off the business loss from said STCG amount for income Tax purpose.
CA PARAS BAFNA
(Expert)
16 June 2012
Yes you can set off. Pl refer Section 71(2).
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