Business loss setoff

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31 Points Posted on 30 November 2020
Business loss arise First time, but Business loss set off from Long term capital Gains
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On 30 November 2020 at 19:08 Report
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This discussion clarifies that business losses, including those from Profits and Gains from Business or Profession (PGBP), can be set off against capital gains. Unutilised losses can be carried forward for up to 8 years, provided the tax return is filed by the due date. After this period, any remaining unutilised loss will be written off.

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My grammar is 💯 good I
7306 Points Posted on 30 November 2020

Yes!! Setoff from the next years capital gains

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On 30 November 2020 at 19:33
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Tax consultant
5895 Points Posted on 30 November 2020
You can setoff next year
it will carry forward to 8 yr after that if it is unutilized then written off
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On 30 November 2020 at 19:55
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Student
23693 Points Posted on 30 November 2020
Losses under the head Profits and Gains from Business or Profession ( PGBP ) can be set off from Capital Gains. Also the Non Speculative Business Loss can be carried forward for 8 years provided the return is being filed within the due date...
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On 30 November 2020 at 20:10

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