set off and carry forward of lossess
This query is : Resolved
Viral Jani
(Querist)
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.
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
(Querist)
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
(Expert)
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
(Expert)
10 March 2008
NO
CA Hemant T Dewani
(Expert)
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
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
11 March 2008
no
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