question-1 Can we adjust business loss against long term capital gain ( long term capital gain arised on account of sale of land and building).
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Issue regarding income adjustment
Replies (4)
Yes current year business loss can be set off against income from capital gains u/s 71
Yes you can adjust business losses with Capital Gain,but business loss should not from speculation business.
- Speculative Business loss can be adjusted only against Speculative Business Gain
- Non Speculative Business Loss can be adjusted against,
- Speculative Business Gain
- Captial Gain (Short & Long term)
Loss under the head Profit or Gain on business or profession, cannot be set off against Salaries
Yes, It can be set off
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