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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Cf business loss against long term capital gain
Replies (6)
Business loss is not allowed ot set off against ltcg regardless the date of filing return. So mr. A is not alowwed to setoff.
Long term capital Loss can not be setoff in computation of income of assessee
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.
No set off of brought forward business loss can be made against long term capital gain
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
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
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