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Set off & Carry Forward of Losses.

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(Querist)
10 July 2009 Can Short Term Capital Gain be set off against Business Loss? If yes, mention the enactment date
of coming into effect.
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vinod kumar lalwani

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vinod kumar lalwani (Expert)
10 July 2009 section 71 says loss under any head can be set off from income of any other head with exception that loss of capital gain can not be set off from any other head.
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taxindiaconnect

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taxindiaconnect (Expert)
10 July 2009 Thus STCG can be set off agsint business loss of the current year.
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NITIN

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NITIN (Expert)
10 July 2009 Yes business loss can be set up against short term capital gain
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