capital Gain VS Business loss
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 ?
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
(Expert)
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.
We can not suggest any planning on the basis of adequate information.
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