Set off of income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 September 2013 My Company is having Loss u/sec. 111A on Short term capital sale of Equity Shares of Rs.70,00,000 and having short term capital gain on sale of Building from Block of Rs.72,00,000.
Can the gain be setoff against the Loss.

CA Dhaval Patel

CA Dhaval Patel (Expert)
Follow

05 September 2013 No. You can not set off Sec. 111A loss against any other Income except Short Term Capital Gain.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2013 Dear,
Glad to have your reply, But as per sec 70 the same can be done.
Any section or reference to our reply.

CA Pallav Singhania

CA Pallav Singhania (Expert)
Follow

06 September 2013 Such STCL can be set off against any capital gains whether STCG or LTCG only.
By virtue of section 70 and 74..

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Amirthalingam

MURALIKRISHNA EDDANAPUDI

Amit Chaturvedi

DSK TMC

nitin

Subscribe Now

Set off of income

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Audit Manager

Finance specialist

Accounts Executive

Sr. Financial Analyst - Consolidation

Article

AUDIT INTERN

Senior Accountant cum purchase Manager

Account & Audit Asst