SET OFF OF UNABSORBED DEP. AND BUSINESS LOSS
This query is : Resolved
18 July 2011
WHETHER UNBSORBED DEP AND BUSINESS LOSS CARRIED FORWARD FROM EARLIER YEARS CAN BE SET OFF AGAINST PROFIT FROM SHORT TERM CAPITAL GAIN ARISING FROM SALE OF DEPRECIABLE ASSETS( FLAT).
PLEASE PROVIDE THE REASON FOR THE SAME.
REGARDS
AMIT
PLEASE PROVIDE THE REASON FOR THE SAME.
REGARDS
AMIT
18 July 2011
No. the losses are either business losses or depreciated losses and hence the same can be adjusted only against the income of the business.
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