capital losses

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Sagar

Sagar (Querist)

19 February 2008 Can capital losses be set off against business income? is there any new notification which says so?

Sagar

Sagar (Querist)

19 February 2008 can anyone please answer this

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

20 February 2008 Where in respect of any assessment year, the net result of the computation under Capital gain is a loss and the assessee has income assessable under any other head the assessee shall not be entittled to have such loss set off against income under the other head.Section 71(3)

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)

20 February 2008 CAPITAL LOSSES CANNOT BE SET OFF AGAINST ANY OTHER HEAD OF INCOME .CAPITAL LOSSES CAN BE SET OFF AGAINST THE SAME HEAD OF INCOME. SHORT TERM CAPITAL LOSS CAN BE SET OFF AGT LONG/SHORT TERM CAPITAL GAIN BUT LONG TERM CAPITAL LOSS CANNOT BE SET OFF AGAINST SHORT TERM CAPITAL GAIN

CA. Kirti S. Ganatra

CA. Kirti S. Ganatra (Expert)

20 February 2008 No it can not be set off. But if say you frequently deal in share market. then A.O. will assess that income as business income and if there is any loss from share market it can be set off