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Set of c/f losses & unabsorb dep

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10 December 2011 My company having Short Term Gain of 65 Cr & business loss for the year 56 Cr & company having unabsorbed dep of 33 cr & carried forward Business loss of 90 cr. Shall I adjusted remaining STCG with c/f buiness loss ? or should adjust first the unaborb dep ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 December 2011 Carried forward (brought forward) loss of Rs. 90 crores can ONLY be set-off from BUSINESS INCOME and not from any other head.

You can set-off current year business loss of Rs. 56 crore against short term capital gain.

Thereafter, you can set-off Rs. 9 crore of unabsorbed depreciation.

Rs. 90 crore of business loss and Rs. 24 crore of unabsorbed depreciation shall be carried forward.
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