Set off of loss
This query is : Resolved
10 February 2009
Deal All,
please let me know whether it is possible to sett off business loss against short term capital gain?
Thanks in advance
please let me know whether it is possible to sett off business loss against short term capital gain?
Thanks in advance
10 February 2009
Assessee has the option either to set off or not to claim such set off in the same asst.year. Refer section 71(2).
10 February 2009
Yes.
12 February 2009
YES
03 March 2009
yes but i dont knw abt section 71(2) regarding option.
27 April 2009
There is no clear cut option to assessee, however the section provides that such losses may subject to the provisions of this chapter be set off against is any. From this language an inferance may be drwan tha that the the option is given to assessee to set off of not to set off losees agsint the capital gains.
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