is it compulsory to set off business loss ?
This query is : Resolved
21 September 2008
I have short term of Rs 10 lacs and long term capital gain of Rs 8 lacs and and business loss of Rs 20 lacs. I do not want to set off business loss with long term capital gain as it is tax free. How ever I want business loss to set off with short term capital gain only. Is it possible.?
21 September 2008
Long term capital gain is exempted from tax. Only taxable income can be used to set off losses (subject to some conditions). Hence, law itself provides u to set off ur business loss only against taxable short term capital gain
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