SET OFF OF BUSINESS LOSS WITH SALARY INCOME
This query is : Resolved
CA Manikandan.A.V
(Querist)
27 October 2009
SIR,
CAN AN INDIVIDUAL ASSESSEE WHO HAS LOSS FROM HIS BUSINESS OF SHARE TRADING (IN NSE & BSE ) SET OFF SUCH LOSS WITH HIS SALARY INCOME?
ADVANCE THANKS,
MANIKANDAN.A.V
CAN AN INDIVIDUAL ASSESSEE WHO HAS LOSS FROM HIS BUSINESS OF SHARE TRADING (IN NSE & BSE ) SET OFF SUCH LOSS WITH HIS SALARY INCOME?
ADVANCE THANKS,
MANIKANDAN.A.V
Taranjit Singh
(Expert)
27 October 2009
Business loss cannot be set off against salary and accordingly you will need to pay the requisite tax on your salary income and carry forward the business loss to future years and set off such loss against future taxable profits.
CA SANJAY MUKHERJEE
(Expert)
27 October 2009
Agree with experts
Taranjit Singh
(Expert)
01 August 2010
Business loss cannot be set off against salary and accordingly you will need to pay the requisite tax on your salary income and carry forward the business loss to future years and set off such loss against future taxable profits.
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