Long term gain can adjust against carried forward loss ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 March 2015
We have Pvt Ltd Company and its running under loss from last 6 years. Company want to sale its industrial land to survive.Company have huge carried forward business loss.
if Company will have long term capital gain on sale of its industrial land , can company adjust long term capital gain against carried forward loss?
if Company will have long term capital gain on sale of its industrial land , can company adjust long term capital gain against carried forward loss?
16 March 2015
No it can't be. Past year losses can be set-off against income from that respective head of income (Inter head adjustment is not possible).
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