Hello experts,
My query is that, in one of the pvt company P&L shows Loss and as per MAT calculation also Loss.
The company has sold it's Assets including Land in FY 2022-23.
and Due to that STCG on plant and Machinery and LTCG on Land arise.
Company has Previous AY Unabsorbed depreciation and MAT credit.
Now while filling ITR can i Adjust Current year business loss against the STCG and LTCG. If I do so than After still I have LTCG balance and I set off Unabsorbed depreciation against the LTCG. after that on remaining LTCG I have to paid 20% Tax but I have mat credit that can I use to pay tax on LTCG. so can I do in this way for ITR filing .
Thank you
CAclubindia
