Set-off and carry forword losses
This query is : Resolved
srinivasan
(Querist)
19 November 2014
Dear Members,
please clarify me...
Can speculation profit be set off against brought forward losses from Non- Speculation Business?
please clarify me...
Can speculation profit be set off against brought forward losses from Non- Speculation Business?
CA R SEETHARAMAN
(Expert)
19 November 2014
Yes, Business Loss can be adjusted with Speculative gains in the same assessment year and brought forward business loss can also be adjusted with the speculative gains . However speculative losses have to be adjusted only with speculative gains.
Message likes :
2 times
19 November 2014
Yes. Speculation profit can be set off against Loss from Non speculative business. Only speculation loss can not be set off against any other income.
Message likes :
1 times
Amol S Joglekar
(Expert)
19 November 2014
The brought forward business LOSS can be set off against speculation profits.
Message likes :
1 times
srinivasan
(Querist)
21 November 2014
Thank you all for your kind Clarification..
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