Long term capital gain
This query is : Resolved
25 September 2014
My Proprietorship firm incurred loss in FY 2013-14. I also sold a commercial property in FY 2013-14 on which I made long term Capital Gain. Can I offset the tax obligation of Long term capital gain against the losses of my Proprietorship firm? The Commercial property was in my name.
25 September 2014
yes you can set off business losses against capital gains.
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25 September 2014
Commercial property was Jointly owned with my share of 50%, is it make nay difference ?
Under which section I can set off ?
Under which section I can set off ?
25 September 2014
you will claim set-off CYLA sheet in the ITR form
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25 September 2014
My CA is telling that business losses can not be adjusted against Long term capital gain. How do I explain to him?
25 September 2014
well why should you do the research. let your CA give reasons in writing why it cannot be set off. Otherwise change the CA
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25 September 2014
Sir any suggestions ?
25 September 2014
Sir, as I said earlier it can be set off. The only restriction is that business loss cannot be set off against salary income.
If your CA is unable to help, contact my office. They will be able to process your issues.
If your CA is unable to help, contact my office. They will be able to process your issues.
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