capital Gain VS Business loss

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 June 2011 The assessee is in the process of winding up the business.

In the said procedure, land and building (Depreciable assets) are sold at profit.

What will be the taxability of the profit?

It will be short term capital gain but can we claim business loss against the profit?

Any tax planning ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 June 2011 Business losses of current year can be set off against the STCG /LTCG of the current year.

We can not suggest any planning on the basis of adequate information.

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