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Set off of losses

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(Querist)
27 February 2012 Sir,

Can Business Loss be set-off against Capital Gain on sale of Gold in case of a Limited Company?
Vishal
Pune
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
27 February 2012 Section 71 provides for set off loss under one head against income under ANOTHER head.

Accordingly business loss can be set off against capital gain.
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