19 February 2008
Loss relating to short term capital asset is to be set off against gain from long term capital asetand/or gains from any other short term capital asset in the same assesment year [section 70(2)]
19 February 2008
As per Section 71(2) Where in respect of any assessment year, the net result of the computation under any head of income, other than Capital gains, is a loss and the assessee has income assessable under the head Capital gains, such loss may, subject to the provisions of this Chapter, be set off against his income, if any, assessable for that assessment year under any head of income including the head Capital gains (whether relating to short-term capital assets or any other capital assets).
20 February 2008
YES THE BUSINESS LOSS CAN BE SET OFF AGAINST SHORT TERM CAPITAL GAIN BUT SHORT TERM CAPITAL LOSS CANNOT BE SET OFF AGAINST BUSINESS PROFIT .
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