Loss can be set off or not
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 November 2013
Respected Sir,
One of my client calculating his income tax for A.Y 2014-15. According to his expectation his business income will be Rs.200000/- but after taking depreciation of Rs.1400000/- into consideration of total of his fixed assets, he is expecting the business loss of Rs.1200000/- and he is earning a short term capital gain on the sale of his house property of Rs.1000000/- in the same year.
My query is will he able to take the loss set off's of the business loss against STCG on house property and can carry forward his net loss in the future year.
One of my client calculating his income tax for A.Y 2014-15. According to his expectation his business income will be Rs.200000/- but after taking depreciation of Rs.1400000/- into consideration of total of his fixed assets, he is expecting the business loss of Rs.1200000/- and he is earning a short term capital gain on the sale of his house property of Rs.1000000/- in the same year.
My query is will he able to take the loss set off's of the business loss against STCG on house property and can carry forward his net loss in the future year.
CA PARAS BAFNA
(Expert)
11 November 2013
Yes. He can set off his business loss against STCG and can c/fd the balance depreciation loss.
.
.
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