Query Regarding Set off of Loss within heads of Income
This query is : Resolved
Quick Summary
06 February 2023
Respected Sir/Madam
Please Guide Can Loss of non-Speculative Business be set off against Long Term Capital Gain Income in FY 2022-23.
Please guide
Thanks in Advance
Please Guide Can Loss of non-Speculative Business be set off against Long Term Capital Gain Income in FY 2022-23.
Please guide
Thanks in Advance
06 February 2023
Yes. Its allowed..
06 February 2023
Sir,
Can you please indicate Which Section of Income Tax mentions that this setoff is not allowed.
Just clarifying a doubt
Thanks
Can you please indicate Which Section of Income Tax mentions that this setoff is not allowed.
Just clarifying a doubt
Thanks
06 February 2023
Correct, if it is NON-SPECULATIVE Business loss, you can set off it against LTCG, as per sec. 71(2) of IT act.
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