Set off losses
This query is : Resolved
deepak gupta
(Querist)
24 July 2012
can current year speculative profit be set off against brought forward business loss of previous year.
Amol S Joglekar
(Expert)
24 July 2012
No. Simple rule is speculative versus speculative only. (Both ways)
CA Rahul Gupta
(Expert)
24 July 2012
Yes, You can.
a loss from a non-speculative
business can be set off against income from speculation business but vice versa is
not possible.
a loss from a non-speculative
business can be set off against income from speculation business but vice versa is
not possible.
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