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PROFIT ON SALE OF LAND

This query is : Resolved 
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(Querist)
26 March 2009 I have incurred a short term profit of Rs 40 lacs by selling land whole block has been sold and on the other hand i have incurred a loss of rs.40 lacs in sale of shares held as investment in which stt has been deducted

Can the same two be adjusted

SUMIT
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
26 March 2009 No, loss from speculation business cannot be setoff against any other income.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
26 March 2009 NO setoff possible.
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Sanjay Soni

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Sanjay Soni (Expert)
27 March 2009 no
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