Query Regarding Set off of Loss within heads of Income

This query is : Resolved 
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This discussion clarifies whether a non-speculative business loss can be offset against Long Term Capital Gains (LTCG) for the financial year 2022-23. The consensus is that this set-off is indeed permissible. Section 71(2) of the Income Tax Act specifically allows for the set-off of non-speculative business losses against LTCG.

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(Querist)
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
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
06 February 2023 Yes. Its allowed..
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Neha

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Neha (Querist)
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
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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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