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Set off losses

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2014 One of our Client has done Future & Option Business in Shares & Securities and has incurred huge Business (Future & Option Business) loss in earlier years which is carried forward for subsequent years. Now he got Interest on Capital Income and Partner Salary Income under the head Business Income. Whether current year income can be SET OFF AGAINST Carried forward Business Loss (Future & Options Business Loss)
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 July 2014 salary income cannot be utilised but capital income can be utilised..........
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