Set off of business loss from stcg

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Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2012 Dear Experts,

Our partnership firm incurs loss during the year and short term capital gain arises on sale of fixed assets, Now I want to ask that can we set off the loss of business from Short Term Capital Gain on sale of fixed assets ?

Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2012 Dear Sir/Madam,

Kindly help me out.

My question is, we are registered dealer in Banglore under composition scheme.

So our consultant have calculated COT amount like this:-
1. Turnover (incl of tax)= Gross turnover-Payment to subcontractor

2. COT=Taxable turnover x 4%

My problem is how to adjust the entries in tally

Kindly give your valuable suggestion if any

Thanks

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
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15 June 2012 Business Loss Can Not Set Off Short term Profit

Querist : Anonymous

Querist : Anonymous (Querist)

15 June 2012 These assets are use for business purpose and now due to there is no existence of block, STCG arise, Can we set off the business loss from said STCG amount.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 June 2012 Business Loss can be set off against Capital Gains-Whether ST or LT.
.
Loss under the head Capital Gains can not be set off against any other head, like Business Income or else.
.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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16 June 2012 Yes, business loss can very well set off against the capital gains.

CA Mukesh Jain S

CA Mukesh Jain S (Expert)
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16 June 2012 Yes business loss can be set off against stcg in the current year but after the set off the remaining loss has to be c/f to next year & set off only against Business profit in the next year.