Set off and carry forward of loss
This query is : Resolved
ATHIK HUSSAIN
(Querist)
15 June 2017
Hi
Can we set off carry forwarded loss from non speculative business with speculative income in the year of carry forward. This doubt araised because u/s 72 the wordings used were "it shall be set off against the profits and gains , if any , of any business or profession......"
Can we set off carry forwarded loss from non speculative business with speculative income in the year of carry forward. This doubt araised because u/s 72 the wordings used were "it shall be set off against the profits and gains , if any , of any business or profession......"
ATHIK HUSSAIN
(Querist)
15 June 2017
Same way can we set off carry forwaded short term capital loss with long term capital gain in the year of carry forward
Nikhil Kaushik
(Expert)
15 June 2017
in the year of carry forward, it can be adjusted against any income source other than salary and income from lottery etc.
however, speculative loss cannot be set off against any income except for speculative gains.
however, speculative loss cannot be set off against any income except for speculative gains.
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