Carried forward business loss can be set off against ltcg
This query is : Resolved
Guest
Guest
(Querist)
27 July 2011
Dear Friends / Experts,
Please see the following query :
Query
Whether Carried forward business loss can be set off against long term capital gains (i.e. from sale of land)
Ans : ..............
I shall wait to hear from you.
Thanks.
Please see the following query :
Query
Whether Carried forward business loss can be set off against long term capital gains (i.e. from sale of land)
Ans : ..............
I shall wait to hear from you.
Thanks.
27 July 2011
In case in AY 2010-11 there was a business loss of Rs 4.00 lacs. It is c/fd to the next year. In AY 2011-12, it will be called as brought forward business loss.
Such b/fd business loss can be set off against any business income of AY 2011-12.
It can not be set off against LTCG.
However, if there is business loss in AY 2011-12 itself, it can be set off against same year's capital gain.
Such b/fd business loss can be set off against any business income of AY 2011-12.
It can not be set off against LTCG.
However, if there is business loss in AY 2011-12 itself, it can be set off against same year's capital gain.
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