Set off losses
This query is : Resolved
18 December 2015
there is firm of mine named ABC
nature of business - purchases shares of Pvt Ltd Co
only transaction of sale/ purchase of Pvt Ltd Co shares takes place till Mar'2015.
shares are shown as Stock in books and are valued at cost/ mkt price whichever is lower (hence PGBP)
firm incurred huge losses in Mar'15 due to liquidation of one of Pvt Ltd Co
so we decided to enter into manufacturing business as well (nature of firm business remains same plus we added another business line)
my question is if I can carry forward losses incurred by firm from those shares and setoff such losses against the profit of manufacturing business.
18 December 2015
Loss on Speculative Business can only be setoff to Speculative income. so you Can't.
19 December 2015
yes that I know but its not speculative as in speculative transaction actual delivery of securities dose not takes place
but in my case we have purchased shares of private company, in which actual delivery takes place
so if I am correct or not let me know
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