set off and carry forward of lossess

This query is : Resolved

Viral Jani (Querist)
Follow

10 March 2008
as it is not possible to get set off of business profit against long term capital loss. however, can it is possible to carry forward business loss set off against the long term capital gain.

Viral Jani

Viral Jani (Querist)
Follow

10 March 2008 it is not possible to get set off of business profit against long term capital loss. however, can it is possible to carry forward business loss set off against the long term capital gain.

CA Praveen Chopra

CA Praveen Chopra (Expert)
Follow

10 March 2008 Yes,business loss other than speculative loss can be carried forward to set off against long term capital gain by virtue of section 72.

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
Follow

10 March 2008 NO

CA Hemant T Dewani

CA Hemant T Dewani (Expert)
Follow

10 March 2008 IN THE SAME YEAR THE BUSINESS LOSS WILL BE
SETOFF U/S 71 OF THE ACT BUT IF THERE IS A
BUSINESS PROFIT AND LONG TERM CAPITAL LOSS
WILL NOT BE SETOFF
BUT IN THE SUBSEQENT YEAR SETOFF WILL NOT BE AVAILABE U/S 72

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
Follow

11 March 2008 no

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now