Our partnership firm incurs loss during the year and short term capital gain arises on sale of fixed assets, Now I want to ask that can we set off the loss of business from Short Term Capital Gain on sale of fixed assets ?
Querist :
Anonymous
Querist :
Anonymous
(Querist)
15 June 2012
Dear Sir/Madam,
Kindly help me out.
My question is, we are registered dealer in Banglore under composition scheme.
So our consultant have calculated COT amount like this:- 1. Turnover (incl of tax)= Gross turnover-Payment to subcontractor
15 June 2012
These assets are use for business purpose and now due to there is no existence of block, STCG arise, Can we set off the business loss from said STCG amount.
16 June 2012
Business Loss can be set off against Capital Gains-Whether ST or LT. . Loss under the head Capital Gains can not be set off against any other head, like Business Income or else. .
16 June 2012
Yes business loss can be set off against stcg in the current year but after the set off the remaining loss has to be c/f to next year & set off only against Business profit in the next year.
CAclubindia
