can b/f business loss be adjusted with speculation business profit.
taxman ready reckoner says yes-
Bombay chartered Accountants Society's website says -yes
some others say - no
What is the more realistic answer- backed by Ciatation pls.
Dalbir
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B/f business loss
Replies (5)
YES,LOSS FROM BUSINESS CAN SETT OFF FROM SPECULATIVE BUSINESS PROFIT U/S 70.
Dear Nikita,
the querry is regarding b/f business set off under section 72 and not same year adjustment u/s 70.
Thanks
Dalbir
in case of carry forwardloss
treatment is same
NON SPECULATIVE LOSS- FROM SPEC. & NON SPEC.PROFIT
SPECULATIVE LOSS- FROM SPECULATIVE PROFIT
Agreed wid nikita................
Business loss can be setoff against speculative profit but speculation loss cant setoff against business profit.
Speculation loss can only be setoff against speculation profit.
Hope u will clear na ?
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