In a PVT LTD company, I had FMPs (less than 3 years holding period) that matured in current financial year. Can the short-term capital gains get adjusted against company expenses?
Menu
Can stcg tax on fmp be adjusted against business expenses?
Replies (1)
Dear Jayesh,
As per Section 71 of Income Tax Act 1961 loss under one head of income can be set-off against income assessable under any other head of income. After that some exceptions are provided and no exception is provided for Business Losses that can be set- off against Short Term Captial Gain.
So in your case you can claim set off of Business Losses aginst Short Term Capital Gains. But first you need to calculate first the PGBP Income or loss and if under the PGBP there will be any loss only then you can claim the set-off. Business Expenses directly can't be set-off against Capital Gains
Regards
Rohit Gupta
RHT1203 @ GMAIL.COM
Recent Threads
- Need advise with HRA claim
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
- Choice of itr form
- DTAA with US - Interest & Dividend
- Last Year ITR Not Filed and Hence NO TDS was claim
- Does ITR2 take much longer for processing
- New GST Reforms 2025 Announced by PM Modi –
- Share capital Amount
- Fund claimed as nominee of deceased Parent
Related Threads
CAclubindia
