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
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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