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Cf business loss against long term capital gain

Rajendra Hegde (Audit Manager) (29 Points)

06 December 2011

dear Sir

if A is filing his return for the AY 2011-12,after due date, can he now claim benfit of C/F business loss & Depreciation Loss against Long term capital gain ( sale of property)?

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6 Replies

(Guest)

Business loss is not allowed ot set off against ltcg regardless the date of filing return. So mr. A is not alowwed to setoff.

CA Vanamala Phani Kumar (Proprietor of M/s Vanamala and Co) (972 Points)
Replied 06 December 2011

Long term capital Loss can not be setoff in computation of income of assessee

(Guest)

Carry forwarded business loss can be setoff from the business income only and is allowed to be carry forward for the max of 8 3rs.

Jagadeesh (Proprietor) (46 Points)
Replied 06 December 2011

No set off of brought forward business loss can be made against long term capital gain

ashish ( Advisory relating to (tax accounts company law )) (21 Points)
Replied 06 December 2011

well first of all i want to remind u all that:----------

1) any c/f losses are not at all allowed to be set off with other heads of income in any subsequent assessment years except with its own head

2) as per the query their is no relation with the due date of filling return with the adjustment of b/f losses. assessee can sett off that but not with the LTCG AS SPECIFIED IN THE QUERY

CA P KARTHIKA (Chartered Accountant) (715 Points)
Replied 06 December 2011

Dear Mr. Rajendra hegde,

For belated filing of ROI carry forward of business loss is lost, except unabsorbed deprection.

Irrespective of the date of filing ROI, business loss cannot be set off from long term capital gain, if such loss cannot be set off, it can be c/f for 8 ayrs ( for speculative business - 4 ayrs) with respective business income.

Regards,

P. Karthika