banner_ad

Taxability of sale of assets

This query is : Resolved 
Profile Image

Profile Image

(Querist)
04 October 2012 Respected Sir,
I want to ask that when the Fixed Assets of Private Company is fully sold or Blocks of assets is become Nil, & further the business has suffered loss. ST or LT can be set off against Business Loss ?? & also whether short term or long term gain will charge under which head Capital Gain or Business & Profession ? & under which section it is taxable ?
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
04 October 2012 STCG can be set off against non speculative business loss.
Profile Image

Pankaj Gupta

Profile Image

Pankaj Gupta (Expert)
04 October 2012 Yes....such business loss can be set off against short term capital gain.
But such treatment is applicable in current year only .ie during the period of carry forward such business loss will be set off against business income only.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details