Set-off and carry forword losses

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srinivasan (Querist)
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19 November 2014 Dear Members,

please clarify me...

Can speculation profit be set off against brought forward losses from Non- Speculation Business?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

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