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Carried forward business loss can be set off against ltcg

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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 : ..............

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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