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set off of short term capital gain

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This query is : Resolved

ABHISHEK (Querist)

01 October 2009 In current A.Y (i.e 09-10) I have some short term capital gain & some business loss,I also have some short term capital loss brought forward from earlier years.

My query is against which should I set off current year's short term capital gain?
against business loss of current year or against short term capital loss of earlier years?

Krunal Raichura

Krunal Raichura (Expert)

01 October 2009 Short term capital loss of earlier years

Sreedhar Atchutuni ACA,GradCWA

Sreedhar Atchutuni ACA,GradCWA (Expert)

01 October 2009 First Current year Business loss is to be set off against current year STCG.

Balance STCG can be setoff against brought forward STCL.

First we have to go fot Inter source adjustment, next to inter head adjustment finally to carry forward of losses.

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